Dubai is rapidly becoming a global player in the fintech space, with significant progress in recent years. Sudhesh Giriyan, President of Cross-Border Payments at TerraPay, highlighted the growing number of new fintech companies in the UAE market, especially in the payment space. TerraPay, a global money movement company, offers its services to these new age companies, providing a single connection to an expansive cross-border payments network regulated in 31 global markets. This network enables payments to 144 receiving countries, 210 sending countries, 7.5 billion bank accounts, and 2.1 billion mobile wallets.
The UAE is the second largest remittance market in the world, with remittances worth nearly $45 billion. Giriyan expects remittances to continue growing, with money flowing to countries like India, Pakistan, Bangladesh, the Philippines, Tunisia, African markets, and more. TerraPay recently announced a partnership with Multipass, a bank challenger in the financial technology sector, to enhance cross-border payment solutions for corporate customers. This collaboration aims to provide reliability, efficiency, and cost optimization to businesses in the UK, Europe, and beyond.
Through this partnership, Multipass gains access to TerraPay’s global payments network, expanding its reach to new jurisdictions and offering local payouts in multiple currencies. Both organizations emphasize the importance of human interaction alongside technological advancements, providing 24/7 customer support and dedicated personal account managers. Rami Chedid, CEO of Multipass for the UAE and the Middle East, sees the partnership with TerraPay as a significant step forward in delivering secure and fast payment solutions to medium-sized entrepreneurs trading internationally.
Giriyan foresees a wider adoption of fintech in the UAE, attributing it to the government’s futuristic initiatives and the regulator’s efforts. He believes that with the current environment in the UAE, the growth of fintech adoption is just a matter of time. The collaboration between TerraPay and Multipass signifies a commitment to providing innovative solutions that drive efficiency, reliability, and cost optimization in cross-border payments for corporate customers. As the UAE continues to attract talent and expand its influence in the fintech space, partnerships like these are expected to play a crucial role in reshaping the financial landscape of the region.
