The Reserve Bank of India has invited stakeholders to provide their feedback on the draft Licensing Framework for APs under FEMA by January 31, 2024
Money exchange
Latest in Money exchange
Abu Dhabi Judicial Department
UAE issues currency scam warning
People in the UAE urged to deal only with licenced money exchanges and banks
anti-money laundering
UAE slaps $1.3 million fine on money exchange house for violating laws
The name of the UAE money exchange house was not disclosed
anti-money laundering (AML)
UAE Central Bank shuts down major money exchange house over ‘serious misconduct’
The UAE Central Bank took actions against two financial entities operating within the nation
acquisition
UAE’s Al Ansari proposes majority stake acquisition in Oman exchange
Oman will be Al Ansari’s second expansion in the region following Kuwait
anti-money laundering
UAE revokes Dollar Exchange house license over ‘serious’ misconduct
The Dollar Exchange house was also found to have engaged in serious anti-money laundering (AML) violations
expat remittances
Indians living in UAE and Saudi allowed to make payments through UPI
Indian expats can now make UPI payments through the government-backed system while in India or abroad through NRE accounts
expat remittances
UPI payment facility for NRIs: Remittances to India by currency exchange houses set to see big fall
Banks in GCC will also be impacted as the number of remittance transactions could come down significantly with expats resorting to few and large transfers instead of numerous small transfers
Al Ansari Exchange
Al Ansari Exchange updates physical branches amid IPO buzz
One key revamp is installing smart counters where customers no longer have to speak to a human teller
acquisitions
Wizz Financial close to acquiring UAE Exchange after UK regulator approval
The company plans to rebrand UAE Exchange and affiliated regulated entities in the USA and the Middle East and offer an enhanced range of services
expat remittances
Filipino remittances drop for first time in 19 years as UAE, Saudi receipts fall
Cash remittances declined by 0.8% to $29.9bn last year, according to central bank data
CBUAE
Central Bank says expat remittances from UAE fell 8% in first half of 2019
Expat remittances totalled AED 80.96 billion in the first half of 2019, down from AED 88bn during the same time period in 2018
Abu Dhabi
LuLu Financial Group targets 30% digitisation by 2020
Lulu Financial Group has crossed the $10bn mark in its total transactional value in its financial sector business
dirhams to indian rupees
India retains top remittances position with $80bn sent home
Remittances to the MENA region are projected to grow by 9.1% to $59 billion in 2018
BR Shetty
BR Shetty’s FInablr buys Indian digital payments provider
UAE-based Indian billionaire’s Finablr acquires TimesofMoney from Network International
expat remittances
Expat remittances from the UAE up 17% in Q1
Transfers made up 27% of the country’s current account, though new laws including 100% foreign ownership and longer-term visa are aiming to keep retain expat earnings
expat remittances
Merger completed to create the UAE’s biggest remittance house
Newly established Al Ansari Exchange Company has an operating capital of AED1.2 billion