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 PromothManghat, CEO, UAE Exchange.