The entry of Dubai-based payments company Fuse Financial Technologies, which recently secured its DIFC (Dubai International Financial Centre) licence, is expected to boost the UAE's growing digital remittances market, projected to exceed $7.5 billion this year and reach $8.5 billion by 2028. 

 

Fuse's DIFC licensing, regulated by the Dubai Financial Services Authority (DFSA), will enable the company to cater to the growing demand for remitting money into the UAE, the company said.

 

George Davis, Co-Founder and CEO of Fuse, said: “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 added: “Since our inception, compliance has been at the heart of our business and our products, as reflected in our decision to hire our Chief Compliance Officer, Kathryn Willis, as a founding team member. Kate's experience in enforcement at the FCA, and later in international compliance for regulated firms such as Facebook and TrueLayer, has proven vital for Fuse.”

 

He mentioned that with DFSA focused on encouraging speed and innovation, Fuse achieved approval in record time as the first firm to be approved in under seven weeks. The Money Services Business licence allows the company to quickly launch products for customers through their Virtual IBANs and Domestic and International payments infrastructure.

 

With its global reach and deep-rooted local expertise, Fuse is empowering global businesses to thrive seamlessly in the UAE, driving innovation and facilitating economic growth - helping payment companies, creator economy apps, employers of record (EORs) and platform businesses to make payments in and around the region without needing to focus on local entities, licences, and currencies, the company said. – TradeArabia News Service