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22 October 2019
TECHNOLOGY

TransferWise acquires licence to operate in the UAE

The technology firm has opened its thirteenth global office in the Abu Dhabi Global Market (ADGM), and it will serve as the hub for TransferWise’s expansion into the Middle East.

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TransferWise has been granted a licence to set up its low cost, fast money transfer services in the UAE and the firm is regulated by the ADGM’s Financial Services Regulatory Authority.

The global technology company that provides platforms to transfer money around the world offers over 1600 currency routes and 49 currencies, with money transfers up to eight times cheaper than the banks in its biggest markets.

Kristo Käärmann, the CEO and co-founder of TransferWise, said, “TransferWise will soon be able to help those living and working in the UAE by bringing innovation and competition to the market, resulting in lower prices and a better experience for customers.”

The company stated that it 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.


RELATED STORIES: ABU DHABI GLOBAL MARKET FINANCIAL SERVICES REGULATORY AUTHORITY TRANSFERWISE

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