Dubai, 28 February 2018: The UAE population comprises of approximately 80% migrant workers, with blue-collared constituting the major segment. The blue-collared workers are also among the underserved and unbanked communities who have no or limited access to the financial services.
To bring such workers under the financial realm, UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, has signed a MoU with Kayan Labs for exploring new channels to provide remittance facility through 'rise' mobile application, the world's first migrant wealth management platform that helps unbanked migrants in the GCC manage their finances.
UAE Exchange Group CEO Promoth Manghat and rise Co-Founder Milind Singh during the signing ceremony.
As per the MoU, signed on the sidelines of Finovate Middle East, UAE Exchange and Kayan Labs will jointly cooperate to bring in a unique digital experience to the customers in UAE. The partnership will enable both UAE Exchange and Kayan Labs to explore opportunities using rise mobile application for offering money transfer in a secured and convenient manner, thereby extending the online money transfer capabilities of UAE Exchange especially to the blue-collared workers.
Speaking about the new collaboration, Promoth Manghat, CEO, UAE Exchange Group, said, "We are constantly working on innovation and innovative collaborations to empower and enable the unbanked population around the world. The partnership with Kayan Labs for rise is one of them. While the unbanked migrant workers in the UAE have always had the option of visiting our branch for money transfer and payment requirements, with the rise mobile application, we want to empower the workers to send money at their own convenience any time. The partnership not only will raise our customer experience quotient but also reinforces our commitment to financial inclusion."
rise has also been used as a payroll provider by households employing domestic helpers, with helpers using the rise app to manage their financial needs. The application also empowers the workers to learn new financial skills with insights from the various global experts. "With over 25 million registered migrant workers in the GCC, a surprising 17 million do not have bank accounts. Our aim is to bring financial inclusion and literacy to this unbanked population. With UAE Exchange, the region’s most trusted money transfer provider, as our remittance partner, we will add yet another great service for our customers," said Milind Singh, Co-Founder, rise.
UAE Exchange has been leading the way in transforming the region’s digital payments landscape. The brand also launched their online platform recently to enable people in the UAE to send money online at their convenience.