Expatriates in the UAE send a lot of money home. A lot.
According to the World Bank’s migration and remittances factbook for 2016, which looked at data for 2014, GCC countries accounted for $98 billion in outward remittances.
The UAE ranked fourth in the world for expatriate workers sending money out of the country. In 2014 this amounted to $19 billion. That was 4.8 per cent of the UAE’s gross domestic product (GDP).
The US was at number one with $56.3 billion, Saudi Arabia second at $36.9 billion, followed by Russia with $32.6 billion.
For the UAE most of that money is going to India, Pakistan, Bangladesh and the Philippines.
As the region sees an uptick in the number of fintech startups, the number of remittance products are likely to increase.
Now Money is one of these startups. Dubai-based cofounders Katharine Budd and Ian Dillon started this service in 2015. It works directly with employers in the UAE to provide employees with an easy way to send money home.
As well as recently contributing to Wamda’s State of Fintech report out last week, Now Money spoke to Wamda TV about how it works and why fintech is an exciting sector for the UAE right now.