Remitly Granted Stored Value Facilities License from the Central Bank of the UAE

Remitly Global, Inc. (NASDAQ: RELY) is among the first international remittance companies to secure a Stored Value Facilities (SVF) license with Exchange Business Category IV from the Central Bank of the UAE, a major milestone in one of the world's largest remittance markets.

This authorization further extends Remitly’s regulated global footprint and our service to customers across more than 175 countries, strengthening our position for long term growth in the region.

The license follows a rigorous review process with the CBUAE and reflects the formal recognition of Remitly's commitment to the UAE and its customers.

With the license secured, Remitly will be able to bring new products, purpose-built to serve UAE customers.

The UAE moves an estimated $50 billion across borders every year.

Currently people in the UAE can transfer money via Remitly across more than 175 countries, with upfront fees and exchange rates, high transfer limits, and the speed and reliability that has earned the trust of 9.6 million quarterly users worldwide, who moved over $80 billion in send volume over the last twelve months.

With CBUAE authorization in place, Remitly can now build and introduce new products designed to strengthen customers' financial lives across countries.