Remitly Global, Inc. (NASDAQ: RELY) has received a Stored Value Facilities license with Exchange Business Category IV from the Central Bank of the UAE, according to a company statement.

The license allows Remitly to develop and offer new financial products for customers in the UAE, a market where an estimated $50 billion is transferred across borders annually. The company says UAE residents can currently send money to more than 175 countries through its platform.

Remitly reported 9.6 million quarterly active users globally, who moved more than $80 billion in transfer volume over the prior 12 months.

"The UAE is one of the most important remittance regions in the world, and receiving our CBUAE license is a defining moment for Remitly," said Davis Dominic Parakal, UAE CEO at Remitly. "We are grateful for the rigorous engagement with CBUAE throughout this process and are proud to operate to the high bar it has set for the industry."

The Central Bank of the UAE's digital remittance license category is designated for operators committed to long-term investment in the region. The company stated its presence in the UAE aligns with the country's "We the UAE 2031" vision, which targets growth of the digital economy's contribution to GDP.