India, Mexico and China lead global remittance inflows
Remittance services
Latest in Remittance services
Careem
UAE’s Careem Pay expands remittance service to 18 European countries
Careem users can now send near-instant money transfers to bank accounts in Austria, Belgium, Croatia, Cyprus, Estonia and more
Careem
EXCLUSIVE: Careem Pay launches fee-free remittance service, undercuts traditional exchanges
The move comes as conventional exchange houses increased their fees by 15% last year
cash remittance
UAE remittance fees set to increase by 15%
UAE exchange houses are set to increase remittance fees by 15 per cent
cash remittance
Remittances to MENA region fall over 5% to $61bn, Egypt slumps while India and Philippines among top recipients
Remittances into the Middle East and North Africa fell during 2023, according to a World Bank report
Al Ansari Exchange
Al Ansari Exchange opens 250th branch at Burjuman Metro Station
The DFM-listed personal remittance and currency exchange has added 20 new branches in 2023 and aims to reach 300 by 2025
Arab Monetary Fund
Pakistan announces remittances deal with Arab countries
Pakistan and Arab countries to boost remittance payments with cross-border money transfer deal
Blockchain
Blockchain remittances in spotlight in Middle East as Swiss fintech Centi eyes entry
The company says its blockchain technology could help customers to receive up to 30 percent more cash from remittances
Al Ansari Exchange
UAE’s Al Ansari sets IPO price, shares valued between AED1 and AED1.03
The IPO subscription period began on March 16, and will end on March 23
Al Ansari Exchange
UAE’s Al Ansari Exchange to float on Dubai bourse, announces 10% IPO stake
Al Ansari is selling 750 million shares, each with a value of AED0.01
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
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
Expat Indian remittances from Middle East set to surge as rupee totters around 80 against USD
India’s decision to amend certain rules related to the FCRA to allow residents to receive up to $12,644 – up from $1,264 earlier – from their expat relatives without informing authorities is also expected to add to the remittances flow
currency market
Plunge in rupee value to push up remittances from Gulf-based expat Indians
Rupee was trading at 78.05 INR to US dollar and 21.25 INR against AED in the early trading hours on Tuesday
BFC Group Holdings
Finablr re-branded WizzFinancial agrees deal to acquire Bahrain Financing Company
Deal creates the largest money transfer group in the region with plans to operate in over 30 countries
