Remitly gets UAE SVF license

Remitly Global, Inc. (NASDAQ: RELY) secured a Stored Value Facilities (SVF) license with Exchange Business Category IV from the Central Bank of the UAE (CBUAE), becoming among the first international remittance companies to do so. The license allows Remitly to offer new products in the UAE, one of the world's largest remittance markets with an estimated $50 billion in annual cross-border flows. The authorization follows a rigorous review process and supports the UAE's 'We the UAE 2031' vision to double the digital economy's GDP contribution. Remitly serves over 9.6 million quarterly users globally, moving over $80 billion in send volume in the last twelve months.