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Remitly Global (NASDAQ: RELY) has been granted a Stored Value Facilities license with Exchange Business Category IV from the Central Bank of the UAE, the company said on July 9, 2026, making it one of the first international remittance firms to hold the license category. The approval lets Remitly build and launch new products for UAE customers rather than simply operate its existing transfer service under a foreign license.
What the license covers
The Stored Value Facilities (SVF) license is issued under CBUAE’s regulatory framework for stored value products and electronic payment systems, which was first introduced in 2016 and has since been updated under the UAE’s 2018 central banking law. Remitly’s approval pairs an SVF licence with an Exchange Business Category IV authorisation, one of four exchange business categories operated by the CBUAE.
Also, read CBUAE FIT Program – What 85% Complete Really Means for UAE Fintech in 2026
Remitly’s own announcement does not specify what Category IV covers beyond enabling its remittance business in the UAE, and CBUAE’s rulebook page describing the category was not accessible to independently confirm the scope, so this article does not characterise it further than the company’s own description.
Remitly said the license followed ‘a rigorous review process’ with the regulator and will let it introduce products built specifically for UAE customers, without detailing what those products are. The company currently serves UAE-based customers sending money to more than 175 countries.
“The UAE is one of the most important remittance regions in the world, and receiving our CBUAE license is a defining moment for Remitly,” said Davis Dominic Parakal, Remitly’s UAE CEO. “We are grateful for the rigorous engagement with CBUAE throughout this process and are proud to operate to the high bar it has set for the industry.”
Remitly is not the first mover here
Remitly’s own framing, ‘one of the first,’ is accurate but worth putting next to what came before it. Wise secured its own CBUAE Stored Value Facilities license, paired with a Retail Payment Services Category 2 authorisation, around October 2025, roughly nine months earlier, and began offering remittances in the UAE shortly after receiving a separate no-objection approval specific to transfer services.
| Company | License | UAE approval |
|---|---|---|
| Wise | Stored Value Facilities + Retail Payment Services Category 2 | Around October 2025 |
| Remitly | Stored Value Facilities + Exchange Business Category IV | July 9, 2026 |
The two licenses are not identical; they pair SVF status with different secondary authorisations. But both fall under the CBUAE’s push to bring digital-first remittance operators onto a licensed footing in the UAE rather than leave them operating through partner banks or as unregulated referral services.
The numbers behind the announcement
Remitly’s release cites 9.6 million quarterly active users worldwide and over $80 billion in send volume over the past twelve months.
- Active customers reached 9.6 million in the first quarter of 2026, up 20% year on year, according to Remitly’s Q1 2026 results filed with the SEC and reported the same day on its investor newsroom.
- Send volume for the first quarter of 2026 alone was $22.1 billion, up 37% year on year.
- Revenue for the quarter was $452.8 million, up 25% year on year, and net income was $49.1 million, up from $11.4 million a year earlier.
- Remitly’s release puts the UAE’s annual cross-border remittance volume at $50 billion.
- The World Bank recorded $38.5 billion in outward remittances from the UAE in 2023.
- Separate market research puts the UAE’s outbound remittance and cross-border transfer market between $39 billion and $45 billion.
- A Visa-commissioned study put 2024 remittances from the UAE at AED 183 billion, roughly $50 billion at current exchange rates.
The gap between these figures largely comes down to methodology, whether trade and investment remittances are counted alongside personal transfers, rather than one estimate being right and the other wrong.
Why it matters
For the UAE’s fintech ecosystem
The CBUAE has been building out a dedicated digital-remittance licensing track, and Remitly’s approval is the second major international operator, after Wise, to clear it inside a year. The UAE’s own ‘We the UAE 2031’ agenda names fintech and digital financial services as central to doubling the digital economy’s share of GDP, and cross-border remittance licensing is a visible, low-ambiguity way to show that push translating into actual approvals rather than policy language.
For UAE-based senders
The UAE’s population is roughly 90% expatriate, and India, Pakistan and the Philippines together receive around half of all outward remittances sent through UAE exchange houses, according to central bank data reported by Zawya. A locally licensed Remitly means the company can build products, pricing, or payout options specific to those corridors rather than running its UAE operation through the same global product built for other markets. What those products will actually be has not been disclosed.
What’s next
Watch for what ‘purpose-built’ UAE products Remitly actually ships now that it holds the license, and whether other large remittance operators (MoneyGram, Western Union, WorldRemit) follow Wise and Remitly onto the CBUAE’s digital remittance track before the September 16, 2026, deadline for exchange businesses to align with the UAE’s updated central banking law.
FAQ
What license did Remitly receive?
A Stored Value Facilities license paired with an Exchange Business Category IV authorisation from the Central Bank of the UAE was announced on July 9, 2026.
Is Remitly the first international remittance company to get this UAE license?
No. Wise secured a Stored Value Facilities license paired with a different category (Retail Payment Services Category 2) around October 2025.
How big is Remitly, based on its own recent results?
9.6 million active customers and $22.1 billion in send volume in the first quarter of 2026 alone, per its SEC filings, up 20% and 37% year-on-year, respectively.
How big is the UAE remittance market?
Remitly’s release cites $50 billion a year; independent estimates from the World Bank and market researchers put outward personal remittances at $38 billion to $45 billion, with the gap likely attributable to what’s counted alongside personal transfers.
What happens next for Remitly in the UAE?
The company says it can now build UAE-specific products, though it has not detailed what those are; watch for product announcements and whether other large remittance operators follow the same licensing path.
Editor’s take: The CBUAE has allowed two global remittance platforms to operate under the same digital system within a year. This move shows that the regulator wants to take control of money transfers away from bank partnerships and informal referral deals. This is an important strategic decision, not just a simple compliance step. However, it does not reveal whether this will make sending money cheaper or faster for someone in Dubai who is sending cash to family in Kerala or Manila. New licenses change who can compete, but they do not automatically lower costs for senders. It will be worth watching what happens once the new products are launched.