EL7.AI
StocksMediumUpdated•Originally published 9 July 2026•Updated 9 July 2026•
2 min read

Remitly Secures UAE Central Bank License to Expand Financial Services

Key Facts

1Remitly Global secured a Stored Value Facilities (SVF) license with Exchange Business Category IV from the Central Bank of the UAE.
2The license enables the company to operate as a regulated remittance provider and introduce new purpose-built products for UAE customers.
3The UAE is one of the world's largest remittance markets, strengthening Remitly's long-term growth strategy in the region.

In a move highlighting the UAE's strategic importance as a global hub for capital flows, Remitly Global has secured a Category IV Stored Value Facilities (SVF) license from the Central Bank of the UAE. This regulatory milestone allows the company to operate as a fully regulated remittance provider and introduce new, purpose-built financial products for UAE-based customers. The expansion strengthens Remitly's long-term growth strategy by establishing a direct presence in one of the world's most active remittance corridors.

This licensing places Remitly in direct competition with regional and international players in a market where outward remittances reached approximately $39.7 billion in 2023, according to World Bank data. The move aligns with the 'We the UAE 2031' vision, which aims to bolster the nation's status as a global center for the new economy. Compared to peers like Wise and Western Union, securing an SVF license provides Remitly with enhanced flexibility in managing digital wallets and stored value services for its user base.

Operationally, the company intends to leverage this license to anchor its broader expansion across the MENA region, utilizing the UAE's advanced digital infrastructure. Looking ahead, market participants are eyeing the Fed Waller speech on July 6, 2026, for broader cues on the fintech sector's sentiment.