VIETNAM BUSINESS NEWS NOVEMBER 20
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Pak remittances up 26pc in 2021, says World Bank
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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.