With its official launch in the UAE market, Belong — the country’s first fintech app built exclusively for NRIs — is looking at expanding services to other key NRI markets including the GCC, the UK, and the US shortly.
The UAE is one of the largest NRI hubs, comprising about 22 per cent of the total NRI population globally; it accounted for 19 per cent of the remittances sent to India in FY24. However, NRIs face several issues when trying to invest in India such as complex KYC processes, non-flexible investment tenures, risk of lower returns due to currency fluctuations, taxation complications and cumbersome repatriation procedures. Belong addresses these longstanding issues that NRIs face when they plan to invest in India, said Sai Sankar, Co-founder and CBO of Betafront Technologies Pvt Ltd.
Belong will offer USD fixed deposits to NRIs through GIFT City, India’s International Financial Services Centre. These deposits offer tax-free returns in India, protect against rupee depreciation, allow shorter investment tenures and eliminate the need for NRE/ NRO accounts while being completely repatriable, he told presspersons here.
Remittances to India have grown from $82 billion in 2019 to $129 billion in 2024. Yet, NRIs’ share in mutual fundAUM fell from 2.9 to 2.3 per cent. This shows the process is often difficult, even though their intent to invest in India is strong. The app makes it simpler for NRIs to invest back home, he said.
Belong has secured a Payment Services Provider (PSP) licence and a broker dealer licence through GIFT City to build innovative and well regulated products for NRIs. The platform will soon add other financial products such as mutual funds, stocks, insurance, cards and more, he said.
Belong is also looking to add non-financial services such as elder care, and property management to help NRIs manage their India relationship and lives better, he added.
Published on July 9, 2025