Munify, a cross-border neobank focused on global money movement, has secured in-principle approval from the Dubai Financial Services Authority (DFSA) to operate in the UAE.
The approval reinforces the company’s strategy to expand across the MENA region. The neobank aims to provide customers with faster, more transparent international payments, multi-currency accounts, and better access to global financial services.
Munify’s initial market focus is Egypt, one of the world’s largest remittance corridors. The country processes approximately USD 30 billion in annual inbound remittances, ranking fifth globally and presenting strong demand for efficient cross-border solutions. The company plans to extend its presence to other high-volume corridors in the region, offering instant multi-currency accounts along with both fiat and stablecoin-based transfer capabilities. These features are designed to reduce settlement delays, minimise transfer costs, and improve transparency for individuals and businesses operating across borders.
Market expansion in a high-growth fintech region
The MENA region continues to record rapid adoption of digital finance, with cross-border remittances exceeding USD 60 billion annually, with GCC countries accounting for the majority of outflows. The UAE alone accounts for more than USD 48 billion in annual remittances, supported by a workforce composed of over 85% expatriates. Across the region, smartphone penetration surpasses 90% in several markets, enabling widespread access to mobile-first financial services.
Munify’s recent USD 3 million funding round, backed by investors such as BYLD and DCG, provides additional capital to scale product development and regional operations. The company’s platform enables users to open multi-currency accounts in seconds, receive payments without hidden fees, use virtual cards for spending, and convert funds locally at competitive rates. Its hybrid approach, integrating fiat payment rails with stablecoin-based infrastructure, aims to reduce friction associated with traditional banking systems and improve settlement speed for international transactions.
The DFSA’s in-principle approval enables Munify to offer regionally compliant financial solutions and build partnerships with banks, payment processors, and fintech providers throughout the GCC.
