Munify, a neobank specialized in cross-border money transfers, has gained initial approval from the Dubai Financial Services Authority (DFSA) to operate within the United Arab Emirates. This clearance strengthens the company’s expansion plans across the Middle East and North Africa (MENA) region.
Focus on Rapid, Transparent International Payments
Munify aims to offer quicker, more transparent international transfers, multi-currency accounts, and improved access to global financial services for its customers. Its primary market will be Egypt, a significant remittance corridor that handles roughly USD 30 billion in inbound remittances annually.
Munify plans to expand into other high-volume corridors within the region, providing instant multi-currency accounts and both fiat and stablecoin transfer options. These services are intended to reduce settlement delays, minimize transfer costs, and enhance transparency for individuals and businesses operating internationally.
Expanding in a High-Growth Fintech Region
The MENA region continues to experience rapid adoption of digital finance. Cross-border remittances in this area exceed USD 60 billion annually, with GCC countries leading the outflows. The UAE alone processes over USD 48 billion in annual remittances due to its diverse expatriate population.
Smartphone penetration in several markets within the region surpasses 90%, facilitating access to mobile-first financial services.
Munify’s recent seed funding round of USD 3 million, supported by investors such as BYLD and DCG, will be used to scale product development and regional operations. The company’s platform allows users to open multi-currency accounts quickly, receive payments without hidden fees, use virtual cards for spending, and convert funds locally at competitive rates.
Munify’s hybrid approach, combining fiat payment systems with stablecoin-based infrastructure, aims to streamline international transactions by reducing traditional banking system friction and improving settlement times.
The DFSA’s initial approval permits Munify to offer regionally compliant financial solutions and establish partnerships with banks, payment processors, and fintech providers throughout the Gulf Cooperation Council (GCC).
