Page 189 - AAE PR REPORT - MARCH 2025
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3/11/25, 10:01 AM UAE remittance fintechs must follow same rules to send money: Al Ansari's Deputy CEO
“These fintechs based in UAE’s financial free zones operate with certain advantages such as lower
operating expenses compared to currency exchange businesses or banks offering remittances,” said
Mohammad Bitar, Deputy CEO at Al Ansari Financial Services.
“This is because the fintechs have a much lower minimum capital requirement despite being in the
same business of being remittance providers.
"If they want to offer free of charge service, that's up to them. But they should obey the same rules
on minimum capital and risks that legacy remittance businesses in UAE do."
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