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UAE’s FinTech industry attracts established brand Transferwise

MEDIA / Articles / 2019 / UAE’s FinTech industry attracts established brand Transferwise
Transferwise, the UK-based global online money transfer service, has recently been awarded with a licence to operate in the UAE from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA).

Remittances play an important role in the UAE economy due to its outsized immigrant population and Transferwise seeks to tap into this steadily growing market with the assistance and open-minded approach of the relevant UAE regulatory bodies. Across the globe, FinTech companies are becoming the norm, allowing faster, easier, cheaper cross-border payments and facilitating the transactions whilst providing ease and security on par with legacy traditional banking systems.

Per a report published by the Milken Institute Centre for Financial Markets, the Middle East and North Africa (MENA) region’s FinTech sector is growing at a compounded annual growth rate of 30 per cent; and the industry is also expected to grow further in line with global trends.

With the entrance of an established brand, as well as the expected rollout of product and services in 2020, the UAE domestic consumers can expect greater competition leading to reduced costs and increased efficiencies in the remittances and money transfer sector. The UAE’s FinTech industry will also benefit from the increased exposure from a juggernaut of the industry setting up shop in the country.

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