Al Ansari Exchange, the UAE’s leading exchange house providing foreign exchange services, has opened five new branches in industrial and labour camp areas in Dubai, Sharjah and Abu Dhabi to provide labourers easy access to their salaries.

It also revealed that its partnership with 5,515 UAE-based companies has led all the businesses to comply with the ‘wages protection system’ (WPS), a payroll regulation required by the UAE Ministry of Labour and Central Bank.

“The WPS scheme has been designed and implemented by the UAE Ministry of Labour and Central Bank to ensure security and accountability for employees and employers, and we are committed to supporting this goal by partnering with local businesses and injecting WPS compliance in their payroll systems,” said Mohammad Ali Al Ansari, managing director, Al Ansari Exchange.

“As a key member of the consulting committee of WPS, which is a dedicated committee that focuses on the development of WPS processes and implementation, we continue to take major strides to further enhance the WPS services we provide. This includes our continuous expansion initiatives, which underlines our commitment to promoting WPS compliance among local organisations across the country,” he added.

Earlier this year, Al Ansari Exchange launched the ‘Pay Plus Card’, which allows companies to modernise their payroll systems and streamline the preparation and distribution of payrolls through the issuance of a special salary card to their employees.

In addition to this, other components of Al Ansari Exchange’ WPS service include currency rates and special offers for remitting salaries to employees’ home countries, where its staff handle salary transactions in all branches, in addition to the online status with the Central Bank that announces availability of salaries for registered companies.

“By providing our clients with 100 per cent WPS-compliant services, which can be accessed across our wide network of branches all over the UAE, we seek to support the government’s efforts to establish and instil a culture of transparency and responsibility among all employers,” Al Ansari continued.

“We leverage our strategic partnerships and our recent membership to the Society for Worldwide Interbank Financial Telecommunication to fuel the expansion of our services, and to help small companies with no corporate bank accounts achieve compliance to WPS,” he concluded.

The company has also recently unveiled the Al Ansari Exchange Mobile Branch, which provides a host of salary disbursal services. - TradeArabia News Service