UAE Exchange, the single largest player in the remittance industry in the GCC, has over six per cent of share in the global remittance market, said a top official.

“Remittances from this region is almost 50 per cent of remittances to India, the largest remittance receiving country,” added Y Sudhir Kumar Shetty, chief operating officer – Global Operations, UAE Exchange.

In the case of GCC, UAE is the second largest in remittance transferring some $14 billion by expatriates.

While remittances to India from the GCC is a given considering the huge Indian population, remittances to other parts of the world is also increasing.

Around 40 per cent of the Overseas Filipina Workers (OFWs) are based in the Middle East. Similarly remittances to Middle Eastern countries and Africa have been on the rise, said Shetty.

Migration of diasporas are coming under sharp focus in the context of the ongoing conflicts and social disruptions in the  Mena region which has triggered massive displacement of people and consequently the potential for remittances are also on the rise, he pointed out.

UAE Exchange has over 700 branches in 32 countries across five continents serving over 6.5 million customers. Strong correspondent relationship with over 150 global banks further adds to the might.

With 135 branches in UAE, customers can walk in to the nearest one to address their multiple financial requirements viz. money transfers, currency exchange, bill payments, salary collection and more, under one roof. – TradeArabia News Service