UAE digital remittances are on pace to exceed $7.5b this year
DUBAI: A cross-border payments platform Fuse Financial Technologies (Fuse) has secured a DIFC (Dubai International Financial Centre) licence to facilitate payments for global businesses in and around the Middle East.
With the UAE’s digital remittances market projected to exceed $7.5 billion this year, and transaction value forecasted to grow by a compound annual growth rate of 3.08 per cent to reach nearly $8.5 billion by 2028, Fuse’s DIFC licensing will enable the company to cater to the growing demand for remitting money into the UAE.
“Our mission is to make MENA simple and accessible for global businesses, and this fuelled our decision to work with the DFSA as its understanding of both local and international payments is essential in realising our ambition. Furthermore, the DFSA’s focus on innovation, as well as its ability to drive regulation that supports global financial institutions and local fintechs, made our choice easy,” George Davis, Co-Founder and CEO of Fuse, said.
