Page 190 - AAE PR REPORT - MARCH 2025

3/11/25, 10:01 AM UAE remittance fintechs must follow same rules to send money: Al Ansari's Deputy CEO
The issue of remittances - and how much UAE's service providers should charge or do it for free -

has been such a burning issue in recent years.

Same rules for fintechs too

“The free zone fintechs are by rule not allowed to have any exposure in the mainland. Nor are they

supposed to engaged in AED based activity.
“What we - as Al Ansari Financial Services and FERG - are asking for is a review of all such

operations by fintechs doing remittances. Ideally, they too should be under the oversight of the UAE

Central Bank, just as banks and traditional remittance houses are.”

Bitar’s comments come as the stakes have gotten bigger – and much more competitive – in the

UAE’s outward remittance market, accounting for well over $40 billion a year. Now, estimates of
how much digital remittances make up within it tend to vary, but sources suggest it would be in the

region of $20 billion and with the fastest growth rate.

In the last 3 years, UAE’s remittance-focused fintechs have taken out sizable chunks of market share

from legacy FX houses and banks in this space. It’s in this context that Bitar’s pointed mention of

them having ‘certain advantages’ should be seen.

‘Same treatment’ on capital

https://gulfnews.com/business/banking/uae-remittance-fintechs-must-be-made-to-follow-same-rules-al-ansaris-deputy-ceo-1.500057212 3/5