Mohamed Al Nuaimi, Alex V. Buenaventura and other officials at the signing ceremony in Dubai on Wednesday.
Dubai - Is company's second agreement with a Philippine lender after BDO Bank
Leading remittance firm Mawarid Exchange has signed remittance agreement with Land Bank of the Philippines, one of the top government financial institutions in the country.
The agreement has been signed by Mohamed Al Nuaimi, CEO Mawarid Exchange, and Alex V. Buenaventura, president of Land Bank of the Philippines.
According to the agreement, Mawarid Exchange clients shall be able to use the bank's electronic services, and make direct transfers to bank branches.
This is Mawarid's second agreement with a Philippine bank, as it had earlier signed an agreement with BDO Bank, one of the largest distribution networks in the Southeast Asian nation.
"This agreement shall boost distribution of Mawarid Exchange's services among a wider range of clients in the Philippines, given that 45 per cent of Mawarid Exchange money transfers go to Asian countries," Al Nuaimi said.
He added that Mawarid Exchange is implementing an expansion plan, including diversification of its products and the opening of new branches in the Northern Emirates and Abu Dhabi, to satisfy the needs of clients.