Remi & ruya Explore Cross-Border Payments Partnership

Remi, a cross-border settlement infrastructure company, and ruya, the UAE's digital-first Islamic community bank, have signed a Memorandum of Understanding (MoU) to explore collaboration across cross-border payments, banking, remittances, settlements and financial technology.

The non-binding agreement establishes a framework for the two companies to assess how their respective technologies could improve the speed, transparency and efficiency of international money transfers. The discussions come as financial institutions continue to seek ways to reduce the cost and processing time of cross-border payments, particularly across the UAE's busiest remittance corridors.

Under the MoU, the companies will explore combining Remi's cross-border payment routing and settlement infrastructure with ruya's digital banking platform and Islamic banking services. The collaboration will examine opportunities to improve payment experiences for both individual and business customers while maintaining regulatory and compliance standards.

According to the companies, the partnership will initially focus on evaluating practical use cases across banking and payments before determining the scope of any future commercial collaboration. The UAE remains one of the world's largest remittance markets, making cross-border payment infrastructure an area of continued investment and innovation.