UAE expats increasingly remitting money to digital wallets, bank accounts

Expatriates in the UAE – especially those from Bangladesh, India, Pakistan and other Asian countries – are increasingly remitting money to digital wallets and bank accounts, thanks to the arrival of new fintech players as well as banks improving their offerings, industry executives said on Wednesday.

Ananth Srivatsa, Executive Vice President and Head of Remittances, RAKBank, said the UAE and broader region have seen an influx of foreign workers over the past few years from different regions including Africa and Asia.

“People are increasingly sending money to wallet and bank accounts because more people in countries like India, Bangladesh and Pakistan have wallet and bank accounts. In the last 5-6 years, a lot of banks have improved their offerings. When remitting funds, you get instant notification that money has reached beneficiary accounts and a notification is also sent to the remitter at the same time,” Srivatsa said during the Banking, Innovation and Technology conference organised by Khaleej Times on Wednesday.

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Many developing Asian countries are increasingly focusing on introducing digital channels to encourage their nationals in the UAE and other countries to remit money through digital channels. The arrival of fintech players is also giving new channels for people to remit and receive money.

A large number of banking, technology and fintech professionals attended the Banking, Innovation and Technology conference in Dubai on Wednesday.

Srivatsa revealed that when the bank launched its service to the Philippines, it started with wallet services.

He noted that the narratives and generalising that banks tend to be slower and more expensive are outdated, especially in the UAE. “There are some pockets where there is room for improvement and they are catching up.”

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