Tech firm TransferWise has been granted a licence to bring its low-cost fast money transfer platform to the UAE and plans to bring its first product to the emirates in 2020, the company announced on Tuesday.

TransWise Nuqud Ltd is regulated by the Abu Dhabi Global Market’s Financial Services Regulatory Authority.

A statement from the company noted that it has opened its 13th global office in ADGM, which will operate as a hub for future expansion in the region.

Having been licensed as a money services provider, it is set to go live as one of the first entities to be operational in ADGM’s ‘providing money services’ category.

“Money transfers from AED have long been one of our most wished for currencies, so we always knew we’d begin our expansion into the Middle East in the Emirates,” said TransferWise CEO and co-founder Kristo Käärmann.

“The latest World Bank data shows an uptick in the cost of sending money from the Middle East, and there’s such a strong expat community locally who desperately need a better way to manage their money across borders,” he added. “TransferWIse will soon be able to help…by bringing innovation and competition to the market, resulting in lower prices and a better experience for customers.”

According TransferWise statistics, the company serves 6 million customers worldwide, and processes $5 billion in customer payments every month, including domestic and cross-border payments.