Ferg plans to strengthen UAE exchange economy
"A transparent and above board exchange and remittance industry can only prosper if channels of communication are kept open"
Dubai - Ferg has recently liaised with the Reserve Bank of India, the State Bank of Pakistan, and the Nepal Rastra Bank on a number of regulatory issues.
The Foreign Exchange and Remittance Group, or Ferg, comprising of businesses engaged in money exchange and remittances, has highlighted its role in engaging with financial institutions and regulators from across the globe to facilitate the smooth movement of remittances internationally.
The discussions are an ongoing element of Ferg's remit of representing the concerns of its members while advocating the transfer remittances through official, legal channels that protect consumers while bolstering the UAE economy.
"On behalf of our members, and in the interest of the UAE remittance sector as a whole, we regularly engage with global financial stakeholders and regulators to clarify regulatory requirements. We also advocate for ways to benefit the industry, and therefore benefit end consumers," said Ferg Chairman Osama Al Rahma.
Ferg has recently liaised with the Reserve Bank of India, the State Bank of Pakistan, and the Nepal Rastra Bank on a number of regulatory issues. There is a sizeable expatriate population of these nationalities in the UAE that actively remits funds home.
Overall, the remittance industry in the UAE sees over Dh130 billion transferred annually by the UAE's expatriate workers to home markets.
"A transparent and above board exchange and remittance industry can only prosper if channels of communication are kept open," said Al Rahma.
"We are in regular contact with the UAE Central Bank but also liaise with other banks that shape the regulatory frameworks of remittance destinations from the UAE. We've taken up issues that have led to favourable policy amendments," Al Rahma added.
Discussions encompass issues of standardisation, compliance and consumer safety, as well as ways of making the industry competitive while combating money laundering, fraud and grey channels. A level competitive playing field is also on the agenda.
"Ferg plays a key role in ensuring that the remittance industry keeps up with the demands of the 21st century consumer. We want to help our members facilitate the end consumer and provide exceptional levels of transparent service delivery throughout the UAE," Al Rahma noted.