Global remittance leader played a salient role in remittance industry of the Gulf in the last three-and-a-half decades growing with the economies of the region.
*Â With close to 800 branches globally, UAE Exchange attracts a daily average footfall of over 400,000.
Celebrating its 35th year of operations today, UAE Exchange, the global remittance, foreign exchange and payment solutions brand said that over the last three-and-a-half decades it has paralleled the growth of the economies of the Gulf region and as a single largest global remittance entity now moves funds worth over US$26 billion annually.
In 1980, when UAE Exchange first began its operations in Abu Dhabi, the remittances it handled were to the tune of US$1.5 million annually. In line with the growth of the Gulf economies and concomitant surge in migrant population over the years, it has been able to carve a niche in the history of the remittance industry catering to an average daily customer base of 400,000.
UAE Exchange handles some 25.4 million transactions annually with much of the remittances to the Asian corridor and has nearly 6 per cent share in the business to developing countries. The World Bank estimates put that in 2014 global remittances were at US$583 billion out of which US$435 billion was to developing countries.
“As the world’s third largest migrant destination, the evolution of the remittance industry in the Gulf region has a global significance. Literally, from snail paced remittance transactions to sending money in a flash with the aid of superior technology, UAE Exchange has moved at brisk pace with significant milestones of service innovation on the way,” said Promoth Manghat, CEO, UAE Exchange.
UAE Exchange is now the world’s widely networked remittance entity with close to 800 branches spread across five continents. “Growth came not just from brick and mortar expansion alone but from an equally significant technology adoption and enhanced partner reach, which helped us create pioneering service excellence standards,” said Mr. Manghat.
UAE Exchange now offers a host of services and diverse remittance channels to its customers in line with the growth in sophistication of the industry from instant money across cash and bank account transactions to online money transfer. “The sophistication and awareness of customers is now high among all categories of migrants with smart technology paving way to this evolution and at UAE Exchange our endeavour is to keep up with the pace of change,” added Mr. Manghat.