Remi and ruya Bank Sign MoU to Develop Advanced Cross-Border Payment Solutions in the UAE
Fintech infrastructure startup Remi has signed a non-binding Memorandum of Understanding (MoU) with ruya, a digital-first community Islamic bank licensed in the United Arab Emirates (UAE). The strategic partnership aims to explore collaborative opportunities to build and scale next-generation cross-border payment and remittance solutions, enhancing the velocity, transparency, and cost-efficiency of global money transfers.
Under the terms of the MoU, both entities plan to evaluate integration pathways across multiple domains, including real-time retail and corporate payments, automated multi-currency settlements, and native fintech enablement.
Addressing the Friction in Global Remittances
Both partners highlighted that despite technological advancements, international remittances—particularly along the UAE's highly active corridors—continue to suffer from prolonged processing times, complex intermediary routing, and high hidden fee structures. To solve this, the collaboration intends to leverage modern, direct settlement rails to bypass conventional legacy friction, supported by a digital banking partner that places community-centric needs at the core of its product design.
The proposed synergy merges Remi's technical expertise in deploying real-time, compliance-native settlement networks with ruya's robust regulatory standing as a modern digital Islamic financial institution.
Modern Infrastructure: Exploring point-to-point clearing systems that eliminate intermediary correspondent bank delays.
Compliance & Trust: Incorporating automated compliance controls (such as native KYC/AML screening) directly at the payment routing layer.
Seamless Integration: Developing interoperable solutions that blend traditional banking systems with innovative digital rails.
A Stepping Stone for Regional Scaling
Representatives from both organizations emphasized that this MoU is a foundational first step. The technical and business development teams will now begin structured evaluations of joint initiatives, seeking to deliver secure, sharia-compliant, and highly efficient remittance channels first within the UAE market, with plans for subsequent regional expansion.