February 22, 2021 10 min read Opinions expressed by
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272 million people: as per the World Economic Forum’s 2020 Global Migration Report, that is the estimated number of international migrants worldwide. The report also highlights that migrants constitute a large majority of the population in most GCC countries. With such a large number of people living outside their countries of origin, and often away from their families, in search of better earnings, it begs the inevitable question- how much collective money is sent back to these nations on a yearly basis?
Remittances, which are essentially financial or in-kind transfers made by migrants to family and friends back home, have been empirically proven to add monetary value to an economy. In 2019 alone, two among the top five countries money was remitted to were India (US$83.1 billion) and the Philippines (
LuLu Exchange Partners Global Fintech Ripple and Federal Bank to Enhance Real-Time Payments from UAE to India
The
LuLu Exchange in the United Arab Emirates (UAE) has confirmed that they’re teaming up with American Fintech Ripple (which is the subject of a major enforcement action from the US SEC) and Federal Bank in order to enhance real-time payments capabilities from the UAE to India.
We are proud to announce our partnership with Ripple and Federal Bank to enhance real-time payments from UAE to India that are faster and more affordable than ever before. Step into any of our 76 branches in the UAE or call 600 5222 04 to know more. #ripple#luluexchange@Ripplepic.twitter.com/VoCcycce92
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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.