UAE Remittance FinTechs Must Abide by Central Bank Rules: Al Ansari Exchange’s Deputy CEO

The UAE‘s remittance industry, a critical lifeline for millions of expatriates, is undergoing a significant transformation as financial technology (FinTech) companies increasingly enter the market. However, Rashed Al Ansari, Deputy CEO of Al Ansari Exchange, has emphasized the need for strict regulatory compliance by these FinTech players to maintain market integrity and consumer trust. Regulatory Compliance: A Necessity for FinTechs Speaking on the challenges posed by certain FinTech companies, Al Ansari highlighted that many operate without adhering to the Central Bank of the UAE’s licensing requirements. He noted that some of these firms are only regulated by free zone authorities and not by the central bank, which is mandatory for offering services in dirhams. “They are violating the laws of the land,” Al Ansari stated, adding that such practices undermine regulatory frameworks and pose risks to consumers. Al Ansari criticized predatory pricing strategies adopted by some FinTechs, including offering free remittances or monetary rewards to attract customers. “This is not sustainable for the organization or the country in general,” he said. He also pointed out that these companies fail to contribute to Emiratisation efforts or the UAE’s tax