SPECIAL REPORT SEPTEMBER 16, 2013
united arab emirates
Foreign exchange & remittance group FERG has been successful in highlighting the contributions made by the Exchange Industry both within the UAE and the outside world
Visit us at 速 REGIstEREd wIth dUbAI ChAmbER oF CommERCE & IndUstRy
SiBoS 2013
16-19 september 2013 stand no. g119
YEARS
sPecial rePOrt
UNITED ARAB EMIRATES
CONTENTS
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8 staying abreast with the latest 12 in best interest 14 faces of ferg 16 changing trends in remittances 18 remitting hopes 20 reliability at its best 21 excellence in exchange 22 upholding the value of trust 23 trusted source for remittance 24 nine decades of commitment 24 trustworthy conduits 25 exchanging money with trust 26 towards a healthier financial
voice of the exchange industry
The group focuses on streamlining operations and constantly maintaining the highest standards to safeguard the interests of customers and other stakeholders
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association of reliance
FERG safeguards best interests of customers and steers towards secure financial transactions in the UAE
ecosystem
28 value to customers 29 exchange as it should be 30 delivering promise 30 creating value
l Executive Editor: Patrick Michael l Supplements Editor: Suchitra Steven Samuel l Sub-editor: Sadiq Shaban l Reporters: Farhana Chowdhury, Suneeti Ahuja-Kohli l Design & Layout: Mohammad Ejaz Khan, Sidharthan l Imaging: Venugopal Prabhu l Director Advertising: Haroon Qureshi l Senior Advertisement Manager (Supplements): Philip Smith l Dubai HeaD Office P.O. Box 11243, Tel: +971 4 3383535, Fax: +971 4 3383345/46, E-mail: supplements@khaleejtimes.com l abu DHabi P.O. Box 3082, Tel: +971 2 6337666, Fax: +971 2 6351122, E-mail: ktimesad@eim.ae a PublicatiOn Of GalaDari PrintinG & PublisHinG llc
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voice of the
exchange induSTRy the group focuses on streamlining operations and constantly maintaining the highest standards to safeguard the interests of customers and other stakeholders
Osama Al Rahma CEO, Al Fardan Exchange and Chairman of the Foreign Exchange and Remittance Group
We work in cooperation with various regulatory and government organisations such as the Central Bank of the UAE, Reserve Bank of India, Law Enforcement, Human Resources Committee for Emiratisation, etc., for facilitating easier operational norms and creating a conducive business environment for the exchange industry in the UAE Osama al Rahma
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T
he exemplary best practices adopted by the UAE government in serving the financial services needs of its predominant expatriate population through the reach of its money exchange houses is increasingly being looked upon as a role model by the global financial community. According to Osama Al Rahma, CEO, Al Fardan Exchange and Chairman of the Foreign Exchange and Remittance Group in the UAE: “Worldwide, there is an urgent need to fill the gap between the large group served by banks and the vast majority of ‘unbanked’ population who do not use or have access to banks but need financial services to conduct their transactions. Under the UAE’s Wage Protection System (WPS), 40 per cent of employees receive their monthly salaries through the approved and authorised exchange houses across the country.” Exchange houses in the UAE have the network and the reach to penetrate every corner of the nation, says Al Rahma. “Our partnership with the UAE Government in the implementation of the WPS clearly illustrates the major role exchange houses can play in fulfilling the needs for financial services in the unbanked sector, and with this move, the UAE is now setting the standards of the wider role that exchange houses can perform.” With 120 exchange companies across the UAE employing more than 8,000 people, the initiative to form the Foreign Exchange and Remittance Group (FERG) began in 2003, when some of the larger leading exchange
companies decided to come together and hold regular meetings to discuss current market situations, opportunities and threats facing the exchange industry. “For several years, it was called the Steering Committee of Exchange Houses and was represented by 12 leading exchange companies, who relentlessly worked to bringing all the exchange companies to a common platform for mutual benefit,” explains Al Rahma. The Foreign Exchange and Remittance Group (FERG) was thus formally registered in October 2008 with the Dubai Chamber of Commerce and Industry. “Our primary goal was to foster the development of a dynamic, innovative and stable foreign exchange and remittance industry that is well standardised and in compliance with both local and international regulations thereby positioning the UAE as a market leader in exchange and remittance business,” he says. “We work in cooperation with various regulatory and government organisations such as the Central Bank of the UAE, Reserve Bank of India, Law Enforcement, Human Resources Committee for Emiratisation, etc., for facilitating easier operational norms and creating a conducive business environment for the exchange industry in the UAE,” adds Osama Al Rahma. “Apart from having a strong and united group to voice the views and opinions of our members, we also work towards raising the levels of compliance and putting in place stringent Anti-Money Laundering (AML) and Combating Terrorist Financing measures to prevent frauds. In addition, we have come up with our own initiatives of continuous training through regular workshops for members and non-members cutting across all levels of hierarchy.” All exchange companies in the UAE are governed by strict AML regulations specified and monitored by the Central Bank of the UAE, he adds. “Besides complying with the regulations issued by the Central Bank, our member companies inculcate world’s best AML practices into their internal AML policies and procedures. Focus is also given on streamlining operations and constantly maintaining the highest standards to safeguard the interests of customers, regulators, shareholders, employees and the community in general.”
Staying abreast with the latest FERG is actively involved in defining standards and works towards the overall well-being of remittance and foreign exchange industry Farhana Chowdhury
T
he FERG or the Foreign Exchange and Remittance Group is a fraternity of all companies engaged in the business of money exchange and remittances. This platform is an initiative to bring various exchange houses under one umbrella to work towards mutual benefit. The industry body works with a mission to foster the development of a dynamic, innovative and stable foreign exchange and remittance industry that contributes to the economic and social well-being of its customers and position UAE as the market leader in exchange and remittance business. Says Y Sudhir Kumar Shetty, Vice-Chairman of FERG, who is also the Chief Operating Officer — Global Operations, UAE Exchange: “FERG has always been a wonderful platform for the people involved in money transfer business and foreign exchange business. No matter how big or small the remittance brand is. It has helped the entire community to stay strong and united with single views and opinions. It also helped in creating awareness about the role of exchange companies in transferring millions of dollars across the world through official channels in safe, secure and economical way within the regulatory framework of the Central Bank and Government of UAE.” As a group, FERG has initiated many activities for the betterment and development for its community. The recent one being for streamlining each of its activities with the requirements of the ‘Know you Customer’ (KYC) principles, thus maintaining the highest standards to safeguard the interests of the customers, regulators, shareholders, employees and the community in general. Speaking about the Wages Protection System, he adds it was a very positive initiative
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Y Sudhir Kumar Shetty Vice-Chairman of FERG, and Chief Operating Officer — Global Operations, UAE Exchange from the Ministry of Labour and the Central Bank of the UAE, which ensured organised salary payments for the blue collared. “Many banking and non-banking organisations came up with payroll solutions, thus ensuring guaranteed payments. Talking about the convenience, services like Smart Pay joined hands with the likes of MasterCard to offer Smart Pay payroll cards, which empowered the blue collared to withdraw salaries from anywhere in the world, in a hasslefree manner,” he says. In order to overcome the challenges faced in the remittance market such as unofficial alternative channels, Shetty says that FERG rises to the issue and exerts its efforts for the safety of its customers. “FERG takes initiatives to educate people about the benefits of using formal channels. Through various awareness creating campaigns, workshops and seminars, we could influence a lot of people to switch from informal means of remitting money to the formal.” Remittance and foreign exchange pick up, when the currency rates goes down. In such periods, there is spike in the money movement across borders. FERG has been adding feathers to its cap with a string of recent achievements, as Shetty adds, “At FERG, we were successful in com-
pleting our missions for the welfare of the entire remittance and forex business community. Some of our recent achievements include working closely with the Central Bank of the UAE, Emiratisation Awareness, WPS implementation, liaison with various departments to help in investigations relating to prevention of financial frauds, AML workshops and training to name a few.” Keeping future goals in sight, FERG constantly aims at building the health of the financial system in general and remittance industry in particular. The group likes to define standards, bring uniformity in operations across the fraternity and work towards the overall well-being of remittance and foreign exchange industry, while in the process contribute to the economy and nation building. “FERG works towards keeping itself abreast with the latest in technology, trends, business practices, etc. Rich and frequent knowledge sharing sessions are taken up for updating the entire group, which reflects in the way the entire system functions at the same pace and fashion. We are thankful to the Central Bank of UAE, ministries and other regulatory authorities in streamlining our operations and adding value to all stakeholders,” he concludes. — farhana@khaleejtimes.com
Association of reliance Founding members • • • • • • • • • •
FERG steers towards secure financial transactions in the UAE, while ensuring interests of customers Farhana Chowdhury
I
nitiated by the Central Bank of the UAE, the Foreign Exchange and Remittance Group (FERG) was formed as a dedicated board to take hold of the industry’s reins and strive for a dynamic and stable platform. Bringing together seasoned members involved in the sector has led to a standardisation on many levels in order to foster an innovative base that contributes to the economic and social well-being of customers. Registered with Dubai Chamber of Commerce and Industry, it also aims to pinpoint the UAE as a market leader on the world map. The UAE has already earned its title as a hotspot for trade, and remittances have become a major part of expatriate life with residents sending sums of hard-earned money back home to support the financial needs of their families every month. This requires proper channels, especially when there is an existence of unauthorised channels that do not guarantee cash security. The exchange industry addresses these challenges and lays down a host of initiatives in
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line with customer principles and maintains high standards to safeguard the interests of its customers, regulators, shareholders, employees, and overall, the community — all with easy accessibility, quick service, competitive rates and flexible timings alongside tie-ups with large number of correspondent banks and agents across the world. What also sets the exchange industry apart in the UAE is that the related companies are governed by strict Anti-Money Laundering (AML) regulations set in place by the Central Bank of the UAE. The Steering Committee, consisting of 10 leading exchange companies, have been active in improving the medium and integrating facilities to provide a host of services. In addition, the committee has accomplished a number of achievements, prior to the formation of FERG including: • Policy Amendments with the Central Bank of the UAE • Emiratisation: Awareness created for active participation in the policy of the Government for integrating UAE nationals into the private sector economy. Today, most of the member exchange com-
Al Ansari Exchange Co. Al Fardan Exchange Al Rostamani International Exchange Dubai Exchange Centre Habib Exchange Orient Exchange Co. Redha Al Ansari Exchange UAE Exchange Centre Wall Street Exchange Centre Al Ahalia Money Exchange Bureau
Representative committee members • • • • • • • • • • •
Al Ansari Exchange Al Ahalia Exchange Money Exchange Bureau Al Fardan Exchange Al Ghurair Exchange Al Rostamani International Exchange Habib Exchange Lulu International Exchange Orient Exchange Redha Al Ansari Exchange UAE Exchange Centre Wall Street Exchange Centre
Reserve members • •
•
•
• • •
Al Razouki Intl Exchange Dubai Exchange Centre
panies conform to the UAE national policy on Emiratisation Partnering the Government in the implementation of the Wages Protection System (WPS) Close liaison with the Police Departments and helping them in investigations relating to financials transactions Sharing of Intelligence amongst members to prevent frauds. AML Heads’ Workshops with support of Central Bank Regular AML Trainings for staff of members. Over 10 AML Workshops held, and over 450 staff trained up to 2012 — farhana@khaleejtimes.com
In best interest WPS has protected workers against any delays or manipulation in payouts and also brought about a behavioral change in their spending and saving patterns Suneeti Ahuja-Kohli
T
he Wage Payment System (WPS) launched in 2010 is benefitting more than four million workers in the UAE and safeguarding them against any delays or manipulation in salary payments by companies. A joint initiative of the Ministry of Labour (MoL) and the country’s Central Bank, the WPS is filling in a critical gap by ensuring timely wage payments as specified in the contracts. The move is especially beneficial to workers who earn less than Dh2,000 a month and constitute a large population in the country. The system mandates an electronic salary transfer to pay workers’ wages via banks, bureaux de change, and financial institutions approved and authorised to provide the service, thereby ensuring that each worker gets
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what he was promised on time. Besides channelling the payout mechanism, the WPS is also critically addressing the need to bring this sizeable yet unbanked population into the banking net and make financial services available. Hailed as a progressive step by the government, the wage protection system has allowed labourers and workers to get 'no-frills' or zerobalance accounts and smart cards that work like debit cards. A number of workers have now been able to seamlessly remit money to their home countries at genuine exchange rates and without the fear of any fraud. “I do not keep cash with me anymore and
it is safe in the account opened for us by an exchange house. Since the opening of this account, we have been informed on how we can manage our money better and the need for insurance. I didn’t understand the relevance of these things earlier. I have now started keeping some money with me here for any contingencies,” says Kishan Lal, a housekeeping staff in one of the multinationals based in Dubai. Lal is just one among the many workers who are happy with this system of payment. There are others who are particularly happy because of the timely payment of their wages and the stress-free remittance of money to their families. A number of banks, exchange companies and service providers are licensed by the Central Bank to participate in the WPS. The employer’s bank transfers the salary file to WPS maintained at the Central Bank and WPS provides the salary file and amount to the concerned agents. In turn, agents download payment information and pay the salaries to employees. Agents also transfer the payment data to WPS and the same data is concurrently received by MoL through WPS. This way, the ministry keeps a tab on companies through a database that records wage payments in the private sector to ensure a foolproof functioning of the system. As per the official order, businesses and other registered establishments that have workers under their sponsorship have to mandatorily adopt WPS for remuneration payments. —suneeti@khaleejtimes.com
Faces behind FERG
ARMED with a role to ensure implementation of best practice standards among exchange houses in the UAE, FERG aims to provide a platform to share knowledge relevant to the financial industry alongside a stage to voice opinions and concerns with the regulatory and government bodies. Besides that, the driving forces behind it all are the committee members, who play a crucial role to stabilise the foreign exchange and remittance scenario in the country and initiate future developments.
Chairman Osama al Rahma Osama Al Rahma is a Director at Al Fardan Group and the CEO of Al Fardan Exchange as well as the Chairman of Global Reach Portal Services, a platform for mobile money transfers and payment services under the brand name REACH. He is an active member of the Management Committee of Al Fardan Financial Services. Al Rahma is the former Vice Chairman of Dubai Quality Group, a semi-government, non-profit organisation and a former Board of Standard of the American Academy of Financial Management (AAFM). He had earned his postgraduate degree in Management Studies at the University of Hull, UK and a graduate degree in Electronics Engineering from the University of Bahrain. He is an alumnus of the J F Kennedy School of Government’s Executive Programme at Harvard University, in Dubai School of Government and also an alumnus at Queen’s University in Canada for an Executive Courses in Strategy and Finance. He has passed several trainings and workshops in Zurich, New York and Frankfurt.
ViCe Chairman Y sudhiR KumaR shettY Y Sudhir Kumar Shetty is the Chief Operating Officer — Global Operations, UAE Exchange, a leading global remittance and foreign exchange. A veteran in remittance industry, Shetty has been leading UAE Exchange since 1991. During these 21 years, his charismatic leadership, technological know-how and operational expertise transformed UAE Exchange into a truly global brand. Under the enigmatic leadership of Shetty, UAE Exchange has always pioneered in setting new standards in the industry with diversified product and service offerings, customer service excellence and emergent technologies. Shetty completed his Bachelor’s degree in Law and Commerce from the University of Mysore and also completed his Chartered Accountancy in Mangalore. In 1990 he joined as Internal Auditor for UAE
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Exchange and, within a year, was elevated to its helm. Shetty is known for his multifaceted personality encompassing leadership, business, social work and philanthropic activities, promotion of culture, education, sports and above all for his love for his motherland, which he serves through every role he adorns.
Treasurer adeeb ahamed Adeeb Ahamed is the CEO of LuLu International Exchange LLC, an emerging remittance and money exchange company based out of Abu Dhabi and operated in countries such as the UAE, Oman, Kuwait and India with liaison offices in Bangladesh and Philippines. With Bachelor of Business Administration from Swiss Management School ‘Les Roches’, Bluche, Switzerland, Ahamed further honed his business acumen after doing an MBA in international Management from Royal Holloway, University of London, UK. He has varied experience in service and hospitality sector. Apart from being the CEO of LuLu International Exchange, Ahamed also serves as the Director of Tablez — The Food Company and Jai Hind Communications private Ltd. Under his efficient leadership, LuLu International Exchange has now become a global brand and a preferred and most sought after choice in financial services due to its high standards in customer satisfaction and compliance.
JoinT Treasurer V s thampi V S Thampi hails from the beautiful State of Kerala, India. He is a postgraduate in Physics and started his career as a lecturer at a leading university in India. He moved to the UAE in 1991 and took over as the General Manger of Ahalia Hospital. He then took over the Group’s financial company — Ahalia Exchange in 1998. With an experience of over 21 years, Thampi is the General Manager of Ahalia Exchange Bureau (UAE) overseeing the functioning of
a wide range of Departments from Administration to Finance. Under his leadership, the company has grown from two to 24 branches spread all over UAE. Besides an array of financial products, Al Ahalia Exchange offers global remittances, foreign exchange and salary disbursements under the UAE’s prestigious Workers’ Wages Protection System. Thampi is one of the shareholders and Directors of India operated NBFC Company, Ahalia Money Exchange and Financial Services Ltd, licenced by Reserve Bank of India with over 50 branches. Thampi is also a Director and shareholder of Ahalia Information & Management System, Ahalia Builders and Developers Pvt Ltd and Ahalia Financial Services and Travel Ltd.
Secretary Rajiv A. Raipancholia Rajiv Ashok Raipancholia is a young and dynamic Director of Orient
Exchange Co., a family-run exchange company operating in the UAE since 1923. After completing BA (Hons) in International Business, Finance and Economics in 2002 from the University of Manchester, Rajiv completed his postgraduate studies in Human Resource Management and Industrial Relations from the Manchester Business School in 2005. He honed his business skills by undergoing a brief apprenticeship in the Treasury and Trade Finance Departments of Mashreq Bank Dubai and Citibank, Singapore. Under Rajiv’s leadership, Orient Exchange is foraying into augmenting the remittance business by rapid branch expansion to complement their well-established money exchange business.
Changing trends in remittances The MENA region offers the most competitive rates for remitting money with charges at 7.8 per cent compared with the global average of 8.85 per cent
caSh SeRviceS conTinue To Remain populaR foR RemiTTanceS
Suneeti Ahuja-Kohli
T
he cost of remitting money today has dropped by almost one percentage point since 2008 — from 9.81 per cent in 2008 to 8.85 per cent in second quarter of 2013. The steady decline in charges is attributed primarily to the sophisticated technological adoptions, innovations in the financial world and higher volumes of funds being transferred. While the global average stands at 8.85 per cent in Q2 2013, the cost for remitting money from the MENA (Middle East and North Africa) region is more competitive at 7.83 per cent, states data from a World Bank report.
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Source: Remittance Prices Worldwide report July 2013
Notably, the MENA has registered the fastest decline in the average cost of remittances in the last five years. In 2008, one would have to incur a cost of $22 to remit $200 to other coun-
tries, amounting to a charge of about 11 per cent. In contrast, the remittance charge in 2013 has lessened considerably to a lifetime low at 7.81 per cent.
ToTal aveRage coST of RemiTTance in g8 counTRieS (%) 2008
1Q 2009
3Q 2009
1Q 2010
3Q 2010
1Q 2011
3Q 2011
1Q 2012
3Q 2012
Canada
14.00
13.28
11.07
10.18
10.90
10.31
11.87
11.08
10.06
11.03
11.09
France
10.92
11.50
11.15
10.01
8.95
8.76
11.63
11.78
11.68
10.72
10.96
Germany
14.07
13.53
12.71
11.85
12.67
10.98
12.64
11.16
10.94
10.16
9.62
Italy
10.03
7.36
8.21
8.11
7.87
7.57
8.18
7.88
7.47
7.64
7.31
Japan
15.33
18.24
19.06
17.34
16.16
17.54
16.84
15.70
16.32
16.66
18.31
Russia
3.22
2.42
2.99
2.54
2.52
2.88
2.68
2.33
2.42
2.43
2.34
UK
10.26
10.27
9.05
8.29
8.07
8.33
7.73
7.93
7.88
7.96
7.69
USA
6.90
7.21
7.06
7.57
7.14
6.67
6.93
6.91
6.80
6.75
6.65
G8
10.26
10.32
8.80
8.37
8.40
8.36
8.53
8.49
8.31
8.53
9.19
9.81
9.67
9.40
8.72
8.89
9.08
9.30
9.12
8.96
9.05
8.85
Global
1Q 2013
2Q 2013
ToTal aveRage coST in DiffeRenT RegionS of The woRlD (%) 2008
1Q 2009
3Q 2009
1Q 2010
3Q 2010
1Q 2011
11.05
10.46
10.38
9.33
9.48
9.71
ECA
5.96
6.68
7.19
6.48
7.57
7.55
6.86
6.28
6.54
6.77
6.70
ECA (x Russia)
11.03
9.70
9.42
8.33
9.49
9.32
8.68
8.14
8.21
8.43
8.35
LAC
8.37
8.65
7.63
8.12
7.27
6.82
7.68
7.72
7.65
7.77
7.28
MENA
11.10
9.30
9.58
8.19
8.95
8.00
8.15
8.19
7.85
7.81
7.83
SA
7.80
7.31
6.85
5.99
6.54
6.56
6.15
6.70
6.54
7.16
7.02
14.01
13.07
11.61
10.86
11.57
12.82
12.41
12.32
12.40
12.21
12.06
9.81
9.67
9.40
8.72
8.89
9.08
9.30
9.12
8.96
9.05
8.85
EAP
SSA Global
3Q 2011 9.80
1Q 2012
3Q 2012
1Q 2013
9.27
8.88
8.97
2Q 2013 8.88
EAP: East Asia and Pacific, ECA: Europe and Central Asia, LAC: Latin America and the Caribbean, MENA: Middle East and North Africa, SA: South Asia, SSA: Sub-Saharan Africa
Data gleaned from the 11th iteration of the Remittance Prices Worldwide, a six-monthly report published by the World Bank since 2008, identifies a seasonal trend in remittances until 2012. As per the report, slight increase in average costs were noticed in the first quarter of the year and a gradual drop in the costs by the third quarter of the year. However, this year the average price has remained stable hovering around the 7.8-per cent mark. On the global scale though the report reveals some more interesting observations. On one hand, the global weighted average has dropped to a new lifetime low of 6.63 per cent, and on the other there is a wide disparity in cost structures across the countries. A closer look at the charges and other costs for remitting money from G8 countries, which include the major sending countries in the world, exposes a wide variation in costs. For instance, the average cost of remitting $200 from G8 countries stood at 9.19 per cent in the second quarter of this year. Individually, Russia enjoys the lowest total average cost structure across the G8 at a striking 2.34 per cent and Japan remains the most expen-
sive country in the group at a whopping 18.31 per cent. Japan, France, Germany and Canada maintain an average total cost above both the global average and the G8 average, while average costs in Russia, US, Italy and the UK, are below both the global and G8 averages. This has been relatively consistent for most countries over the years. Russia and the US nave consistently had average costs lower than the global and G8 averages since 2008 and Japan, Germany and Canada were consistently above. As a special mention to India and China, the two main receiving countries worldwide by volume of remittances received, the report highlights a significant gap in cost for sending
money to these countries. It is more expensive to send money to China at 11.59 per cent than India at 9.13 per cent. Surprisingly, the present average cost in China at 11.59 per cent is the lowest in the lifetime of the country, which notably is still higher compared with the world average. Cash services continue to dominate the remittance market at competitive prices and with an average price of 7.15 per cent are also among the cheapest. The report tracked the cost of sending remittances based on three main ways: commercial banks, money transfer operators (MTOs) and post offices. Commercial banks remain the most expensive way to send money with an average cost of 12.97 per cent, whereas post offices, with an average cost of 5.44 per cent, are the least costly means. The report also notes that account-to-account products are the most expensive, with an average cost of 14.45 per cent. However, transfers within the same bank or to a partner bank are significantly cheaper. Cash-to-account services are the cheapest with an average cost of 6.15 per cent. —suneeti@khaleejtimes.com
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Remitting HopeS money transfers are playing an important role in helping expat households to address their immediate needs Sadiq Shaban
M
oney transfer from the UAE to the rest of the world has witnessed an upward surge in the recent years. Remittances from the emirates witnessed a 15 per cent growth in 2012 and stands at $12.87 billion. With millions of expat workers remitting funds to their families back home, the money is generally utilised to meet the immediate family needs besides going in areas such as savings, credit mobilisation and other forms of investment. In its Global Economic Prospects (GEP) report, the World Bank noted that worker remittances are critical for a number of major countries. India, China, Mexico, Philippines, France, Germany, Bangladesh and Pakistan being the top remittance receiving countries of the world. Historically the boom in oil exploration and infrastructure sector in the Gulf Cooperation Council (GCC) countries has attracted migrant
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workers from many countries. Many professionals and executives also find the UAE an ideal place to relocate. Pertinently remittances from emirates play a very important role in helping expat households to address immediate needs and also invest in the future. An important aspect of remittances is that it helps expats to invest efficiently in housing, education, and healthcare. Apart from providing better facilities and health opportunities to household members, it improves their ability to endure external shocks, provides credit for household enterprises and increases investment in key sectors like health and education. Remittances have risen significantly throughout the world during the last few years resulting in increased migration flows, as well as reduced sending costs. Expatriates in the Gulf remitted around $50 billion in the last five years. What is more, the remittance flow to developing countries now accounts for a large portion of external capital inflows, well ahead of official development assistance. In many smaller economies large-scale remittance flows account for more than a quarter of their Gross Domestic Product (GDP). Analysts are of the opinion that remittances may offset the negative effects on economic growth and fiscal revenue of the remittancereceiving country when skilled workers emigrate. There is little doubt then that there exists a tremendous potential for using remittances to encourage development in several countries around the world. —sadiq@khaleejtimes.com
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Globally developing countries received more than $400 billion in remittances during 2012
•
Remittances to developing countries is expected to grow by 8 per cent in 2013, 10 per cent in 2014 and 11 per cent in 2015
•
Global average cost to send remittance has declined over the past five years
•
Migration and remittances have played a key role in helping countries make progress towards, or achieve, the Millennium Development Goals (MDGs)
•
Remittances to South Asia region are estimated to have increased sharply in 2012, growing by 12.3 per cent to reach $109 billion
•
Egypt accounts for over 40 per cent of remittance inflows in the MENA region
•
Asia is the source of nearly 60 million migrant workers who sent almost $260 billion to their families in 2012 representing 63 per cent of global flows to developing countries
•
An estimated 70 million Asian households benefit from remittances
Universal exchange
Reliability at its best Universal Exchange offers services at affordable rates with assurance The company has incorporated product diversity and offers the following services: • All major cash currency transactions at retail/wholesale levels • Payment services through various conventional and advanced technological products, covering NeFT, RTGS, DDs, TTs, Fast electronic modes as well as instant payment systems to India, Pakistan, Bangladesh, Sri Lanka, Nepal, Philippines, etc. • Buy/sale of travel cheques
• Remittances through most reliable and reputed modes, that is “Western Union” and “U Remit”, etc. • Loyalty Cards for valued clients that entitle attractive rates and hassle-free services
Wages Protection System It is an active member of WPS system of UAe
Ministry of Labour abd Central Bank of the UAe. This system is for smooth and secured disbursement of employees’ salaries and it offers prompt WPS services at comparatively better tariff with no hidden charges. Apart from cash over counter WPS payments, it also offers disbursement through ATMs all across the UAe via VISA powered cards and both of its service modes are affordable and reliable.
AhAliA EXChANGE
Excellence in exchange Ahalia Exchange is well positioned in the market with its personalised customer services and dedicated staff members Incorporated in 1996 by the renowned ahalia Group, al ahalia Money exchange Bureau (aeB) is among the leading exchange houses in the Middle east. the ahalia Group of companies has an illustrious track record of more than 25 years in the service sector. Starting with a modest outlet in Mussafah township in abu dhabi, ahalia exchange has become one of the most popular exchange houses reflecting an ongoing saga of success in foreign exchange remittance market in the Uae. during the period spanning a little over 17 years, the exchange house has achieved enviable progress in capabilities for delivering service. established with the sole objective of facili-
tating remittances globally, the company has its headquarters in abu dhabi, regional office in dubai, 24 branches spread all over the emirates, and a workforce of more than 500 multinationals. ahalia exchange V S Thampi has tie-ups with more than 80 major banks globally and about 12 international money transferors. Its extensive remittance channels make it easy for customers to remit to any destination — Indian sub-continent, South asia, Middle east, africa, australia, europe or the US. “ahalia exchange has been well positioned in the current market primarily with its personalised customer services and dedicated staff members. on yearly basis, we have registered
an average growth of 20 per cent in the number of transactions and expect this trend to be continued in the upcoming years”, says V S thampi, General Manager, ahalia exchange. “ahalia exchange is opening three more branches for which we have received Uae central Bank approval and are scheduled to open in coming weeks,” he added. thampi reiterated that the addition of more branches would be expected in the very near future, facilitating more convenience for its customers for overseas money transfers. He continues: “We are giving very personalised service to each and every customer dealing with us. For each individual customer, we should have to uplift our vision, which is to provide personalised assistance and superior quality standards to our esteemed customers and at the same time we should have to achieve our ultimate goal — customer satisfaction and to maximise value to all the stake holders.”
LuLu InternatIonaL exchange
Upholding the value of trust
Well-known for its customer-centric approach and value-laden service, LuLu Exchange provides safe, reliable and quick services for its customers to send money to their loved ones across borders IndIa constitutes as the worldĂs largest remittances recipient with over $70 billion in annual remittance inflow, as per the latest procured figures from the World Bank. The sub-continent has retained its number one position for about 15 times in the past 23 years as the top recipient of remittances in the world and the past five years in a row. The country recorded a growth of 15 percent in remittances from the UaE in 2012 with the total remittances hovering around 13 per cent. India currently ranks the highest out of all the countries to which money is remitted by foreign workers, not only because of the sheer volume of the migrant labour force from the country, but also because of the ultimate desire of many to eventually return home to a better life. The volume of money being sent to India has increased considerably in the past four months since May 2013 with the value of the Indian rupee weakening against the US dollar. needless to say, the Indian expatriates have been making the most of it. Remittance transaction is nothing but a transfer of love and acknowledgement of trust. LuLu International Exchange upholds the very essence of trust while catering to each customer every day. LuLu International Exchange is the growing remittance and foreign exchange brand trusted by millions to send their hard earned money to their loved ones. LuLu International Exchange, headquartered in abu dhabi began its operations four years ago when it opened its first branch at al Wahda Mall in abu dhabi on September 2,
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Adeeb Ahamed 2009. The branch count has gradually grown to 17 in the past four years under the capable leadership of its young, charismatic and visionary CEO, adeeb ahamed. The exchange house is now one of the leading names in Financial Service Sector and primarily deals in foreign exchange, global money transfer besides salary and wage administration. The growth of the exchange house is directly proportional to the vision, determination and dedication of its Chairman, Yusuff ali M a, to take money transfer services closer to its target customers in the interior regions of the UaE. LuLu Exchange, as a brand enjoys brand loyalty and patronage amongst the considerable expatriate population residing in the Middle East region and has tied up with the best financial institutions backed with technological proficiency to provide a fast and reliable service to its customers. In a bid to safeguard the best interest of its regulators and customers, LuLu International Exchange has intensified the implementation of rigorous compliance in line with global anti-money laundering protocols and ensured
fair business practices. The exchange house, well-known for its customer centric approach and value-laden service, provides safe, reliable and quick services for its customers to send money to their loved ones across borders. The expatriates can choose to pay for their utility bills, air tickets, credit cards, etc., at any of the LuLu International Exchange counters. apart from sending money, customers can also get their foreign currency exchanged at the most competitive exchange rates clubbed with personalised customer service. LuLu International Exchange also offers value-added services such as noL cards, Salik cards, utility payment, national Bonds, Mawaqif, etc. to its customers. It is the company's ongoing commitment to enhance the customer experience by identifying customer requirements. The company's corporate slogan, "Valuing Your Trust" is the reflection of the company itself. LuLu International Exchange has been successful in tirelessly delivering the best of service excellence to its customers earning their complete satisfaction and trust in the bargain.
The country recorded a growth of 15 per cent in remittances from the UAE in 2012 with the total remittances hovering around 13 per cent. India currently ranks the highest out of all the countries to which money is remitted by foreign workers, not only because of the sheer volume of the migrant labour force from the country, but also because of the ultimate desire of many to eventually return home to a better life
Trusted source for remittance Offering a range of premium services
Promoted by mustafa Sultan enterprises, a prominent business group in oman, City exchange LLC is one of the major money exchanges in the UAe, specialised in remittance service to India since 1997. Akber mustafa A redha Sultan is the managing director. City exchange enjoys the management support from the State Bank of travancore, an associate of State Bank of India, which is India’s largest public sector bank. All the branches are headed by experienced officers from State Bank of travancore. relationship
managers (SBt officers) are available to ensure personalised services. At present, the company has a network of 13 branches in Bur dubai, deira, Karama, Al Quoz, Jebel Ali Industrial Area 1, Sharjah (rolla), Sharjah Industrial Area 3, Ajman (Al Bustan), Abu dhabi (Hamdan Street), mussafah, ICAd residential City, Al Ain and ras Al Khaimah (Nakheel). Its premium services such as SBt Instant Credit and e-remit, introduced by the State Bank of travancore through City exchange, provide instant credit to accounts with SBt and credit within hours to accounts with other banks in India with SmS service when amount is credited in the account. other services include Atm cum shopping card-powered WPS system, issue of rupee drafts and dollar drafts, worldwide money transfer through Western Union, and instant cash and currency exchange. Nre Account opening is made simple by facilitating Nre account opening with SBt, SBI and many other major banks in India.
City Exchange enjoys the management support from State Bank of Travancore, an associate of State Bank of India, which is India’s largest public sector bank
Orient exchange
Nine decades of commitment Serving millions of satisfied customers over the years, offering the most competitive rates and superior service standards Parmanand Jethanand, better known as PJ (late Founding Chairman), a gold bullion merchant single-handedly started one of the first money exchange outlets in Bur dubai across the abra station back in 1923. “Today our global presence is in six countries — the UaE, Hong Kong, australia, malaysia, India, and the UK — with a staff strength of 600. across the UaE, we have 21 branches, and 48 branches globally across other countries,” said ashok raipancholia, Chairman of Orient Exchange. “We are processing an average of 36,000 transactions per day. In the UaE with a steady influx of expatriates over the last one year, we have registered a 15 per cent growth in the number of transactions and we expect this trend to continue year on year basis,” he revealed.
real estate prices are increasing, and with Expo 2020 on its way, the UaE is looking confident. “Expansion of our branches in the UaE is in full progress with the target of opening 18 branches in the next three years,” raipancholia said. “Orient Exchange is a one-stop shop destination for most of the financial products such as currency exchange, money transfer, cash advance against credit card, credit card bill payments, national Bonds, First Saving Certificates, flydubai, Ezetop and Wage Protection System. “We have registered consistent growth in the UaE and credit goes to the Orient Exchange policy to offer competitive rates, transparency in our dealing with customers, recruiting skilled staff, continuous training, acquiring new value-added products, implementing stringent amL policies, and last but not the least, focusing on superior customer service standards, as our tag line is where service is our priority,” said raipancholia. “We are looking to add more value-added services for our customers like travel insurance. Our motto to be a one-stop shop would allow customers to purchase travel insurance while buying currencies for their travel purpose.”
Parmanand Jethanand Late Founding Chairman of Orient Exchange as part of growth plans, Orient Exchange is aggressively working on a project to install foreign currency exchange kiosk at its prime outlets by 2015, subject to the approval of Central Bank of the UaE. “moreover, we are thankful to the Central Bank of the UaE for providing conducive environment to operate in the UaE and giving its full support in opening new branches and establishing new drawing arrangements with banks and financial institutions,” he concluded.
al Dahab exchange
Trustworthy conduits Growing at an incredible speed, the exchange house offers one of the best rates for commercial and personal remittances ESTaBLISHEd in 2003, al dahab Exchange has come a long with its widening network that is expanding day by day to reach wherever your money should reach. If best rates, instant transfers and secure deals are what you are looking for in a money exchange, look no further. al dahab exchange assures all these. It has excellent correspondence arrangements with major international banks, remittance houses and exchange houses across africa, middle East, asia, South East asia, UK, US and north america, covering a vast geographical network eventually serving customers with quality and cost effective remittance and foreign exchange services. The exchange house is growing at an incredible speed, as fast as its transfers, offering one of the best rates for commercial and personal remittances to China, Hong Kong, India, africa, US and the Euro Zone.
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The company follows a strong compliance regime across its network of locations. all customer transactions are professionally screened and checked before being processed live on its online remittance system. In fact, al dahab Exchange is among the first few exchange houses in the UaE to install World-Check systems and efficient transaction monitoring systems, ultimately providing its correspondents with quality business and customers with the most reliable and timely services. al dahab exchange is a member of FErG (Foreign Exchange and remittance Group) of UaE and also a member of SWIFT.
Exchanging money with trust Customer satisfaction remains top priority at GCC Exchange GCC ExChanGE is one of the reputed and renowned exchange houses established in the year 2005 with headquarters in Dubai. Since inception, GCC Exchange has enjoyed trust of its customers and witnessed a steadfast growth in its business of money exchange and remittances. It continues to thrive amidst the highly competitive market today. GCC Exchange has a presence in four major commercial hubs in prime locations in Deira, Bur Dubai, Sharjah and ajman. In the coming months, it plans to open new branches in all seven emirates. GCC Exchange has always kept customer satisfaction as its top priority. Much to the delight of its customers, efficient service coupled with low charges has been the cornerstone to its success. Its managerial operations are handled by a team of highly experienced professionals headed by Mukesh himatlal,
who possesses the know-how of the business, thereby synchronising the team to focus on the company’s vision and carry out its mission. The services offered to its clients include buying and selling of permitted currencies; commercial remittances for business entities; remittances for f amily maintenance; management of Wage Payment System on behalf of companies in the UaE, and remittances using online payment gateways as agents. a prompt and efficient service coupled with low service charges for WPS processing have placed GCC Exchange as a preferred agent for Wage Payment process. It caters to more than 20,000 establishments and around 120,000 employees for their salary payments. GCC Exchange provides a card-based solution to the employees aptly named as Tankhkwa Card, which ensures quick disbursement/ withdrawal of salary for the employees through aTM /CDM machines located at its branches. The exchange is acknowledged as one of the leaders in remittance business to India with best exchange rates and low service charges. In addition, home remittance services are also provided to other major asian countries viz
Pakistan, Bangladesh, Philippines, Sri Lanka and nepal. The exchange has also entered into correspondent banking arrangements with leading banks worldwide to allow seamless and error-free transmission of funds for a straight through process. GCC Exchange is a member of SWIFT, thereby ensuring efficient remittance solutions for trade-related transactions to various countries. GCC Exchange has recently been appointed as a Super-agent for MoneyGram, a leading global instant money transfer company. This service facilitates its customers to send and receive money worldwide, primarily through a global network of MoneyGram agents. In addition to cash-to-cash, customers can also remit cash-to-account or cash-to-card.
GCC Exchange is an established name in the industry,patronized by hundreds of thousands of UAE residents for their needs of Forex, Home Remittance and WPS.
WAGE PROTECTION SYSTEM W.P.S. Successfully distributing salary of large number of employeesﺯ Tankhwa cards for all registered employees. Quick processing & payment of salaries to employees. Most competitive charges for WPS payment. Special remittance services for Tankhwa card holders. Value added services for salary payout on location or from our nearest branches. Secure and confidential. Simplified procedure complying with CB UAE / MOL guidelines.
UAE ExchAngE
Towards a healthier financial ecosystem UAE Exchange is one of the largest networked remittance brands with over 700 branches across 30 countries Three decades ago when UAe exchange took form the practice of transferring money through formal channels was at a very nascent stage. It took a lot of effort from the team at the UAe exchange to gain the trust of customers and enable a switch. Today, the expatriate population has grown multifold. With it the number of remittance and forex service pro-
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viders has also grown. In such a scenario it is imperative to retain the trust of customers and sustain in the industry. But UAe exchange clearly understood that excellence is the only habit, which can keep it afloat and ahead. In every sphere, the remittance major has constantly aimed for excellence. The results have been astounding. Today it is one of the largest networked remittance brands with over 700 branches across 30 countries, where over 9,000 multi-national workforce serves more than six million customers, who consider UAe exchange as a financial supermarket that addresses most of their financial requirements under a single roof. Simultaneously UAe exchange also realised the fact that to sustain in the remittance and foreign exchange realms, the health of the entire system needs to be nurtured with care. Only a healthy financial system can protect the global economy. The year 2012 saw approximately $412 billion flowing towards the developing countries. This growing volume of money crossing borders poses its own risk in terms of safety of transfers, especially when vested interests are constantly at work, looking for weaker link to prey on. That brings us to the issue of compliance, the hottest topic in the leap year, when reputed financial institutions, world over, were penalised for breach of trust. But in spite of actively operating in over 30 countries, UAe exchange not only survived but also shined brighter, maintaining a pristine slate, by adhering to every regulation
in every market where it operated. For this, UAe exchange has its core values and uncompromised compliance to thank. But then UAe exchange didn’t stop at just making itself strongly compliant. It has always believed in the larger welfare of the society, which strongly reflects in its various activities beyond just business. It walked that extra mile to share its best practices, latest trends and learning with its fraternity. Thus empowering them to be in the know and ensuring overall good health of the financial system. In the UAe, the remittance major is an active member of the Foreign exchange and remittance Group (FerG), which is an association formed by the players in the realm, to support and represent the industry. This active participation with high integrity has made UAe exchange a trusted name among its customers, partners, regulators and also within its fraternity, earning appreciation in the form of awards, memberships, certifications and more. UAe exchange has instilled a profound sense of passion to serve the customers with warmth, undertakes activities that are committed to the welfare of the society and foster business relations to the benefit of partners and associates. It sets an example with its strong values and principles in terms of incorporating best business practices, participatinginsocialwelfare,andcontributing to both remittance sending and receiving economies, thus enhancing the health of the entire financial eco system.
Redha al ansaRi exchange
Value to customers
A trusted legacy since inception
The FeRG forum was able to bring in many innovative changes in the remittance and foreign exchange business in the UAe, benefitting both customers and the exchange industry mutually. As a member in the FeRG steering committee, Redha Al Ansari exchange congratulates FeRG union on completing four years of exceptional initiatives. Redha Al Ansari exchange, being one of the most prominent remittance brands in the UAe market with a trusted legacy since 1945, always ensured the brand is kept in line with the changing demands of the customer. Redha Al Ansari exchange caters to a wide range of customer base from different nationalities served by hundreds of enthusiastic professionals across the branches in the UAe. The brand has many innovative plans ahead in order to get closer to the customer. As a policy the brand ensures maximum value to its customers. Connected to major banks and financial institutions across the world, it guarantees “Money Anywhere Any Time” across the globe, much to the delight
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of customers. Moreover the exchange understands that money transferred by its customers to their loved ones is transfer of emotions too. Redha Al Ansari exchange as a vibrant customer-intensive brand constantly brings to its customers various exciting promotions as rewards to customer loyalty. Apart from the core business of Remittance and Foreign exchange, RAe also provides a line of payment solutions of which its major are “Yellow Pay” WPS-compliant payroll solution, credit card payments, cash advance against credit cards, travel pay solutions (flight tickets, RTA Nol cards and Salik recharge),
The brand is rooted into the day-to-day lives of millions of customers in the country and we have lot more services ahead to ensure added worthiness and convenience to our valued customers Ali RedhA Al AnsARi
National bonds, labour guarantee issuance, du bill payments, mobile top-up solutions, etc. In addition to this, the brand also offers an array of corporate services including Forex, TT for abroad payments with excellent exchange rates. Yellow Pay, the WPS-compliant payroll solutions of Redha Al Ansari exchange with thousands of customer bases promises employees under the Yellow Pay umbrella that they are paid on time and have the freedom of withdrawing salary as per their convenience as it is stated in its product tagline “Convenience Assured”. Above all, Yellow Pay understands customer needs to be able to deliver value to employers and employees. “The brand is rooted into the day-to-day lives of millions of customers in the country and we have lot more services ahead to ensure added worthiness and convenience to our valued customers. FeRG forum always serves as a platform to learn and share thoughts and its contributions in past four years is praiseworthy keeping the interest of customer and the industry at large,” said Ali Redha Al Ansari, CeO, Redha Al Ansari exchange. The customer’s perception about Redha Al Ansari exchange as the “perfect partner for money transactions and payment solutions” is a source of pride and a driving force to keep up the pace in the industry.
ArAb Link Money TrAnsfer
Exchange as it should be Extending a great range of international money transfer products for individuals and businesses
ArAb Link Money Transfer PSC is a leading exchange house headquartered in Abu Dhabi since 2010 with a head office located in the Tourist Club Area of Abu Dhabi and a second branch in the heart of bur Dubai. It offers ‘Exchange as it should be’, which means focusing on customers and providing an enjoyable experience. According to robert Groombridge Arab Link’s Chief Executive Officer, the company has aggressive retail development plans, including the opening of its third branch in Sep-
tember at the centrally located Zayed the 1st Street (Electra Street) in Abu Dhabi. In addition, Arab Link will open branches at the new World Trade Centre Mall in Abu Dhabi on October 15 followed closely with the opening of a branch at the Etihad Travel Mall in Dubai. Arab Link is also in the process of building its latest concept branch for the opening of the new Yas Mall — planned to open in Q1 2014. Working in close cooperation with Abu Dhabi Islamic bank, Arab Link offers a great range of international money transfer products for individuals and businesses, including direct credit to bank account, Western Union and other instant money transfer products and WPS payroll cards and services. In addition, Arab Link offers a range of value-added services, including National bonds, International mobile top-up, cash back loyalty programme and self service kiosks — all complemented by first class customer service and some of the best exchange rates in the UAE.
Robert Groombridge Chief Executive Officer Arab Link’s sister company in the UK called Moneymo, which recently launched its money transfer service across Arab Link’s UAE branches, has now added over 30,000 locations in more than 20 countries to its global cash remittance network and is now looking for strategic partners to promote Moneymo within the Middle East. Arab Link plans to ‘make work more rewarding for its customers’, by adopting the latest technologies and procedures to ensure faster, more efficient services including mobile and online remittances.
Delivering promise Al Ansari Exchange has established strategic partnerships with more than 150 leading banking and financial institutions around the globe
Al AnsAri ExchAngE is one of the leading remittance and foreign exchange service providers in the UAE. Founded in 1966, the company has established its presence through an extensive network of more than 125 branches conveniently located across the country to bring its services closer to customers. Al Ansari Exchange has established strate-
gic partnerships with more than 150 leading banking and financial institutions around the globe to reinforce its commitment to provide key financial services to its growing customer base. The company constantly introduces
exclusive offerings and reward schemes for its customers, while consistently delivering a unique banking experience through its wide range of technology-driven financial services catering to specific customer needs. Al Ansari Exchange employs a highly qualified and professional team of over 2,000 multinational employees, serving more than 1.8 million customers per month. in addition to remittance and foreign exchange services, Al Ansari Exchange also offers a host of other ancillary financial services, including bill payments, credit card encashment, international mobile top-up, investment and saving schemes, loyalty programmes, online remittance, payroll solutions (WPs), and corporate cash collection services. Al Ansari Exchange has been honoured as an industry leader through prestigious awards, namely, the Dubai Quality Award and sheikh Khalifa Excellence Award. The company has also been honoured with a number of awards such as superbrands, Best remittance services provider in Middle East and north Africa by iAMTn and many more.
Multinet trust exchange
Creating value SWIFT has proven to be a positive perception for exchange houses ThE past few years have seen a shift by non-Bank Financial institutions (nBFis) towards a more cost effective, simpler and user-friendly platform for its payment solutions. sWiFT has been able to bridge that gap for such nBFis for its medium to high value payments. nBFis such as exchange houses in the UAE play a very vital role in the lives of the over seven million expatriates who call UAE their home and the millions of tourists who visit UAE every year. Exchange houses are a clear, cash-based business model where price competitiveness, flexible and longer branch work timings and friendly customer service provide more value for the customer. Multinet Trust Exchange along with other exchange houses in UAE offers its customers remittances services, currency exchange services, wage payment systems, instant money products, bill payments and other auxiliary services. Post 9/11, the industry of remittances and payments saw increased focus by regulators on AMl and KYc procedures. like any regulated industry, exchange houses in the UAE have equipped themselves in providing more training and better awareness to its employees on mat-
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ters of money laundering, KYc and due diligence along with enhancing these procedures. The Foreign Exchange and remittance group (FErg) helps in organising AMl and KYc training sessions for the employees of its members. Before 2009, exchange houses were using proprietary bank systems or spending thousands of dirhams to develop systems for payment processing. With direct sWiFT access, exchange houses were able to route most of their payments through a single platform, which had connectivity and filtering capabilities to most correspondent banks, thus making payment-flows simple and cost effective. This led to creating a positive perception for exchange houses and augmenting a confident image of the industry.