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.”