Page 191 - 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
“Anyone offering remittance services should have the same capital requirements,” said Bitar. “It

doesn’t matter whether these are fintechs of currency exchange houses offering hybrid options such

as physical outlets or online channels.

“We find that fintechs are matching our strategy on up to 98% of the time, but they don’t need to

follow the same risk parameters or retain a certain minimum capital. That, according to us, should

change. As FERG, we have brought these matters to the attention of the concerned authorities, such

as the free zone operators and the Central Bank.”

Trying to be 'super-apps'

By offering remittances for free or at much lower fees, fintechs are guning for something bigger,

according to FX exchange industry sources. Bitar concurs.
"The fintechs are aiming to be 'super-apps', where beyond remittances, they could offer more," he

added. "Some might want to get into salary payment services, others would target micro-finance

opportunities, or cross-sell any other service.

"But they get to a sizable client base through remittances - and offering these for free."

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