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3/13/25, 11:14 AM UAE fintechs must follow same remittance regulations | News Minimalist
UAE fintechs must follow same remittance
regulations
gulfnews.com — March 11, 2025 at 08:01 AM GMT+4
UAE fintechs providing remittance services may face new regulations.
Mohammad Bitar, Deputy CEO of Al Ansari Financial Services, stated that these
companies have unfair advantages, such as lower capital requirements,
allowing them to offer free services.
Bitar called for fintechs to adhere to the same capital and risk rules as
traditional remittance providers. He emphasized that all remittance services
should be under the oversight of the UAE Central Bank.
The remittance market in the UAE is highly competitive, with fintechs capturing
significant market share. Bitar noted that fintechs aim to expand their services
beyond remittances, potentially becoming "super-apps" for various financial
needs.
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