Advisory board member: Mr. Osama Al Rahma Rajiv Raipancholia, Secretary, FERG Image Credit: Supplied
FERG’s committee members was elected in November 2020 and announced during the Annual General Meeting (AGM). The committee members include Al Ansari Exchange, Al Fardan Exchange, Al Ghurair Exchange, Al Razouki International Exchange, Al Rostamani International Exchange, Joy Alukkas Exchange, Index Exchange, LuLu International Exchange, Orient Exchange, Redha Al Ansari Exchange and Wallstreet Exchange. Antony Jose, Treasurer, FERG Image Credit: Supplied
The newly elected committee members will play a key role in liaising with regulators and law enforcements on behalf of FERG members. They will also contribute to the growth and expansion of the Group along with the foreign exchange and remittance industry in the UAE.
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The digitalisation of the UAE s remittance industry picked up in 2020 as a result of Covid-19-related movement restrictions, with many providers reporting exponential growth in money transfers through mobile apps.
“The major trend in the UAE remittance industry this year is the adoption of digital channels faster than what we have seen in the previous years,” says Rashed Al Ansari, chief executive of Al Ansari Exchange. “The pandemic has warped the speed of adoption for existing digital channels, shortening the uptake that would normally take years into months, especially in the second quarter of this year.”
The UAE is the second-biggest global market for outbound migrant remittances after the US before the Covid-19 outbreak, according to preliminary 2020 data in a study by Oxford Business Group and Al Fardan Exchange.
Time to remit? How Indian, Pakistani currencies will fare in 2021
Waheed Abbas/Dubai
(KT file photo)
Both currencies will will gain in the first half of 2021, but lose in the second, say industry executives.
Indian and Pakistani currencies will witness a “seesaw trade” next year, strengthening in the first-half but likely to weaken in the later part of 2021, industry executives have said.
They noted that remittances from the UAE are expected to stay strong next year.
Rajiv Raipancholia, CEO of Orient Exchange, said the US dollar is expected to weaken against major currencies, including the Indian rupee. Foreign institutional investor flows are also expected to increase, boosting India’s foreign exchange reserves.