Banks in the UAE have suspended money transfers through a number of fintech applications registered outside the country, which were linked to customers' bank accounts in these banks. According to employees in customer service centers of these banks, customers can no longer withdraw amounts from their bank account directly to these applications, even if they are linked to it, and all details such as the IBAN number, bank account number, or direct debit card number and its three-digit CVV are entered. They explained to 'Emirates Today' that the customer receives a message stating that transfers to these applications have been stopped, adding that the customer service center or a branch visit can be contacted for more information. According to statements from customer service center employees in these banks, bank administrations have prevented, since the beginning of this year and until now, the use of bank accounts for financial transfers to these applications in succession, after receiving a number of complaints related to delays in receiving transferred funds, their return, or non-completion. On his part, banking expert Ahmed Youssef said that 'Banks take measures based on the directives of the Central Bank, in case there are certain complaints or problems related to financial applications or fintech companies in general, especially if they are registered outside the country.' He added that 'The presence of a headquarters for such a company within the country and its obtaining a license from the Central Bank, as the responsible regulatory authority, to operate in the local market guarantees the rights of customers and gives them the ability to file a complaint in case they face any problems.' In contrast, if the companies are registered outside the country and unlicensed, there are no guarantees to protect customers' funds. Youssef noted that the telecommunications companies operating in the country have such services, in addition to exchange companies and a number of licensed fintech companies, and dealing with them can be done very easily with reduced fees while all guarantees are available. He pointed out that financial laws and procedures change according to people's needs to ensure their rights, and if these banks had allowed customers to link their bank accounts to these foreign companies and applications at some point, problems might have appeared on the ground, which makes the ban in the customers' interest first and foremost.
