US firm, Remitly has expanded into the Middle East with the launch of its outbound remittance service as well as a new office in Dubai, the company has announced.
It joins a strong remittance sector with immigrants comprising nearly 90 percent of the country’s population, while, its presence in the UAE marks its 30th send country.
With many remittance transactions in the country still completed through cash pay-in at brick-and-mortar stalls, the company said the move will offer a solution to long wait times, operating hour constraints, and risks associated with cash.
“With one of the world’s largest populations of immigrants and the second-highest global volume of remittance originations, the UAE was a natural choice for us as a market for expansion,” said Mohamed Mansour, Head of Region, UAE at Remitly.
“Moreover, the country’s advanced digitisation and push towards a cashless economy makes Remitly’s platform particularly relevant and well suited to the population here. I’m thrilled that this expansion will bring reliable international payments support for immigrants and their loved ones back home.”
Remitly, which will be based in the Dubai International Financial Centre (DIFC), already has a strong presence in significant recipient regions from the UAE, including locations such as India, Pakistan, the Philippines, and Bangladesh.
