Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  
TransferWise announces licence to operate in United Arab Emirates, with Abu Dhabi as Middle East hub
 
Global technology firm set to launch low cost, fast service in 2020
 
 
Abu Dhabi, 22 October 2019:  TransferWise today announced it has been granted a licence to bring its low cost, fast money transfer platform to the United Arab Emirates. TransferWise Nuqud LTD is regulated under the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority.
 
TransferWise is a global technology company that’s building the best way to move money around the world. Today the company offers over 1600 currency routes and 49 currencies, with money transfers up to 8 times cheaper than the banks in its biggest markets. Globally, TransferWise serves both consumers and businesses of all sizes.
 
The technology firm has opened its thirteenth global office in the ADGM, which will operate as a hub for TransferWise’s expansion into the Middle East. TransferWise has been licenced as a Money Services Provider, and is set to go live as one of the first entities to be operational under the Providing Money Services category. This signals an exciting new era for the ADGM and its support for fintechs providing a better choice of products for consumers in the UAE.
 
TransferWise expects to bring its first product to the United Arab Emirates in 2020.
 
TransferWise in numbers
• The company serves 6 million customers worldwide
• TransferWise is processing US$5 billion in customer payments every month (domestic & cross-border), saving people $1 billion a year compared to making the same transaction with a bank
• 25% of its international transfers are instant (delivered in less than 20 seconds)
• Over 1,800 people in the team in thirteen global offices
• TransferWise is a rare profitable unicorn, with revenues of £179m in the fiscal year ending March 2019, and net profits of £10.3m
 
Kristo Käärmann, CEO and co-founder of TransferWise said: “Money transfers from AED have long been one of our most wished for currencies, so we always knew we’d begin our expansion into the Middle East in the Emirates. The latest World Bank data shows an uptick in the cost of sending money from the Middle East, and there’s such a strong expat community locally who desperately need a better way to manage their money across borders. TransferWise will soon be able to help those living and working in the Emirates by bringing innovation and competition to the market, resulting in lower prices and a better experience for customers.”


Posted by : Dubai PR Network Editorial Team
Viewed 6161 times
PR Category : Banking & Investments
Posted on : Tuesday, October 22, 2019  9:30:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Women in Leadership (WIL) Economic Forum Partners with WOW (...
Next Story : Abu Dhabi Ports Breaks Ground on Marsa Mina, the City's Exci...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Lamborghini SCV12: Squadra Corse Hypercar Ready to Hit the Track [4736-Views]
Let's Brigthen Up! The Face Shop's Ultimate Summer Skincare Range From Belif is Here! [3813-Views]
NUDESTIX Launches - Nudies Blush, Bronze, and Glow Shade Extension [3624-Views]
Saxo Bank Launches Loyalty Program for MENA Region Clients [3620-Views]
WTTC Launches Safe Travels Protocols for Attractions, Car Hire and Short-Term Rental [3423-Views]
Dabur Launches Pure Organic Coconut Oil: Natural Protection for Hair, Skin, and Overall He... [3259-Views]
Crude Oil Headwinds on Virus and Technicals [2940-Views]
Registration Opens for Training On the Camel Trek and Camel Marathon for Expats [2841-Views]
Essence Spring/Summer 2020 Collection [2562-Views]
Pan Emirates Unveils Exclusive New Collection [2435-Views]
Dubai Sports Council Discuss Upcoming Sports Events With Federations and Organisers [2411-Views]
Big Bang Integral King Gold [2386-Views]
Customers can Benefit from Increasing Gold Rate by just Paying 10% Advance at Malabar Gold... [2325-Views]
IATA Proposes Alternatives to Quarantine' [2218-Views]
IATA Proposes Alternatives to Quarantine [2206-Views]
Preparing for a New Post-pandemic Economic Era in Mena [2161-Views]
Siemens Energy signs Al Hamudhia 400kV Substation contract with Iraqi Ministry of Electric... [2157-Views]
The 11th Edition of the Arab Fashion Week to Launch Virtually Today, from June 24th to 26t... [2140-Views]
New Bentayga to Launch Beyond100 [2050-Views]
Transfast Partners with Habib Bank Limited (HBL) for Global Remittances [2021-Views]
Frontline Warriors and Volunteers from two Al Warsan isolation facilities honoured for hel... [1976-Views]
Cairo Amman Bank Adopts the Latest Technology to Enhance Performance and Security for its ... [1939-Views]
Panasonic Jaguar Racing Management Team Discuss Formula E's Return to Racing in Berlin [1931-Views]
Formula 1 Launches #WeRaceAsOne [1915-Views]
Media Rotana Hotel Reopens Its Doors With Attractive Offers in a Safe Environment [1898-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories