According to Osama Al Rahma, Chairman of the Foreign Exchange and Remittance Group (FERG), the worldwide remittance business has been expanding by 5–6% annually and surpassed the $900 billion milestone last year.
The United Arab Emirates is the second-largest exporter of remittances after the United States, and its remittance industry is expanding as the country draws in new international talent and tourists,” he added.
Speaking on the fringes of the ‘Techno Meet’ event, Al Rahma said, “The UAE remittances industry has experienced impressive growth in recent years, and the sector is adopting the latest technologies and introducing various solutions for its customers.
He described the event as a forum for the exchange houses to talk about compliance and improved solutions in light of the Central Bank of the UAE’s digital transformation efforts so they can be in line with the government’s plan. Additionally, the event seeks to raise awareness of financial inclusion.
The third iteration of the Foreign Exchange and Remittance Group’s (FERG) premier event, “Techno Meet,” which took place at the Shangri-La Hotel in Dubai, was successfully ended. With a focus on the vital role that cooperation between exchange houses, banks, regulators, and fintechs plays in navigating the quickly changing digital economy, the day-long event provided a forum for strategic discussion on the nexus of technology, compliance, and financial operations.
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