Middle East

TransferWise establishes new hub in Abu Dhabi

TransferWise, a UK-headquartered money transfer app, has been approved by the Abu Dhabi Global Market Financial Services Regulatory Authority to establish operations in the city, allowing it to target expat customers in the UAE region.

The new Abu Dhabi office will be the transfer app’s thirteenth, from which it will launch its first product in the Abu Dhabi Global Market (ADGM) in 2020, according to a company statement.

The Co-Founder and CEO of TransferWise, Kristo Käärmann, said of the opening of the office that “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,” Käärmann continued.

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.”

In 2018, a total of over USD46 billion was sent from the UAE, showcasing the market potential of the region for entities such as TransferWise.