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State of the Remittance IndustryĪccording to the World Bank Prices Worldwide Database, the cost of sending a remittance to a low or medium income country is estimated at a whopping 7.1 percent. India is the world’s largest receiver of these remittances globally, receiving over $80 billion in 2018. The Migration Policy Institute estimates that 90 percent of the UAE’s labor force comes from India, Pakistan, or Bangladesh, with many of these workers sending remittances to their families back home. The UAE hosts a large population of expatriates and migrant workers. It has around 750 direct offices across 32 countries, employs 9,000 multinational employees and caters to 20 million customers per year.” Remittances Globally and in the UAEĪccording to a report by the World Bank, nearly $690 billion in remittances are conducted globally, up 10 percent from last year. “The company has not only turned around, but UAE Exchange is today one of the most successful money exchange companies that account for a major chunk of annual remittances to India. In a statement on the history of UAE Exchange from Shetty, reported by Emirates 24/7: In 2014, it did over $50 billion in remittances and exchange volumes. Shetty established UAE Exchange in 1980 in an attempt to ease the process for expats sending money to their families and respective home countries.īy 2016, UAE Exchange had expanded into over 31 countries and had approximately 800 direct offices. The company was founded by Indian billionaire B.R. In addition to UAE Exchange, the group also includes Xpress Money and Travelex. UAE Exchange is part of Finablr group, a global conglomerate of payment and foreign exchange solutions. We are proud to deliver the future of payments with Ripple.” Background on UAE Exchange “The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions.

Promoth Manghat, CEO of UAE Exchange is optimistic about how the integration will make the company more competitive: Adding a market leader like UAE Exchange to RippleNet will bring instant, certain, low-cost payments to the millions of retail customers in the UAE who send money abroad.” “We chose to focus on solving inefficiencies in key corridors where payment flows are significant and growing. These changes would offer customers of UAE Exchange an enhanced payment experience and competitive rates, speed, transparency, and efficiency, as stated in the press release.ĭilip Rao, Global Head of Infrastructure Innovation at Ripple had the following to say about the partnership: According to a press release from Ripple, the partnership would allow UAE Exchange to provide real-time messaging, clearing and settlement of financial transactions for global banking and payment partners. In February, UAE Exchange joined RippleNet, Ripple’s enterprise blockchain network of over 100 member banks and financial institutions. Shetty) has deep ties with India, and the UAE and other countries in the Middle East tend to have large Indian migrant populations. The founder of UAE Exchange, Bavaguthu Raghuram Shetty (B.R.

The two partner banks were not mentioned, but it is likely that those banks are located in India, a country which is the largest receiver of remittances internationally.

This is for remittances to start with, from across the globe into Asia.” “We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. UAE Exchange plans to launch cross-border remittances to Asia via Ripple by Q1 of 2019, UAE Exchange’s CEO said in an interview with Reuters: Ripple has secured another banking partner, this time in the UAE. The move would make UAE Exchange the largest payment solutions provider in the Middle East to use Ripple’s technology. UAE Exchange, one of the leading global money transfer and exchange solutions, plans to implement RippleNet into its service by Q1 of 2019.