DIRECT TT GRANTED SCA LICENSE FOR FINANCIAL CONSULTING ANALYSIS IN THE UAE

AL ANSARI FINANCIAL SERVICES RECORDS MORE THAN 30% GROWTH

Al Ansari Financial Services, one of the leading integrated financial services groups in the UAE, is pleased to announce that during the first quarter of 2023, Al Ansari Exchange's digital channels recorded more than 30% growth in digital remittance transactions compared to the same period last year.

Direct TT, one of the world’s leading financial consultancy firms and part of the DTT Group, a globally recognized and regulated financial services provider, acquired the UAE Securities and Commodities Authority (SCA) license for Financial Consultancy and Financial Analysis. The DTT Group further announced its plans to invest USD 10 million over the next two years in its regional operations and fintech research and development.

As part of the acquisition, Direct TT will offer its clients regulated, reliable financial research and analysis, along with scientific data based on more than 25 years of experience, to forecast price trajectory and future trends for the forex, stocks, CFDs, precious metals, and energy markets. In addition, the license permits Direct TT to introduce customers to financial services from SCA-licensed entities and promote financial products through marketing and advertising. The move represents a significant step towards becoming a regional and global leader in the financial markets sector.

H.R.H Dr. Saif Al-Islam Bin Saud Bin Abdul-Aziz Al-Saud, Chairman of the Board, DTT Group commented: "The region has firmly established itself as a global financial hub, with its strong and diverse economy, advanced financial markets, and pro-business policies, thereby attracting investments from around the world. In addition, the fintech and innovation sectors are experiencing a rapid boom as a result of the high demand from businesses upgrading their technology infrastructure to meet global standards.”

Walid Ead, CEO & Managing Partner, DTT Group, said: “Acquiring the SCA license is a major milestone for Direct TT, as it reaffirms our commitment to our clients in the UAE. Our mission has been to consistently deliver regulated, accurate, and reliable financial data to ensure that traders have access to the best financial products and information, as well as the security to invest with confidence.”

“We consider the GCC to be a key region for us, due to its position as a global financial hub. By making significant investments in the region, will look forward to better serving our clients and meeting the growing demand for quality services and cutting-edge fintech solutions. It further underscores our commitment to contribute to the empowerment of the financial sector across the region,” he added.

In March 2023, the company's digital channels broke records by achieving an unprecedented number of transactions, reaching 340,000 in total. This remarkable growth is a testament to the convenience and reliability of the Al Ansari Exchange app and digital channels, enabling users to carry out various financial transactions at their convenience. The Al Ansari Exchange app has been designed with cutting-edge technology and user-friendly features to make money transfers and other financial management services more accessible and convenient for customers.

Commenting on the recent development, Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said, "We are delighted to see such a significant growth in transactions made through our digital channels. This reflects our commitment to providing our customers with innovative, seamless money transfer solutions that meet their evolving needs."