18 C
Dubai
Tuesday, February 11, 2025
spot_img

“Enhanced Competition in UAE Remittances May Lead to Cost Savings, Experts Suggest”

Enhanced Competition a panel of experts at the Banking, Innovation and Technology (BIT) event, organized by Khaleej Times, discussed the intensifying competition in the money remittances sector. According to Onur Kursun from Mastercard, this competition could lead to more affordable services for expats in the UAE, creating a win-win situation for consumers.

Innovation Imperative in the Face of Increased Competition

Mohammed Bitar, Deputy CEO of Al Ansari Financial, stressed the need for innovation in the face of heightened competition, noting that exchange houses must “innovate or die.” He highlighted the UAE’s significant role in global remittances and the impact of regulations on the market.

Differentiation Through Meaningful Partnerships

Despite regulatory challenges, Hasan Jaber from Al Fardan Exchange emphasized the importance of building meaningful partnerships to differentiate themselves in a crowded market.

Tech Challenges and Opportunities: Enhanced Competition

The discussion explored the challenges of implementing technology in customer service, including language barriers and the slow pace of full digitization. The experts noted that, despite the tech-savvy population in the UAE, there is still a considerable distance to cover before remittance services are fully automated or digitized.

Also Read

Transformative Approaches to Enhance Customer Loyalty: A Guide for Banks in the UAE

Leading UAE Airline Plans Annual Recruitment of 1,000 Employees for Next Seven Years

Related Articles

France and UAE Forge $50 Billion AI Data Centre Partnership to Drive Innovation

France and the United Arab Emirates have announced a landmark collaboration to develop a 1-gigawatt artificial intelligence data centre, with investments ranging between $30...

Greens Push for NBN CEO Pay Cut Amid Cost-of-Living Crisis and Privatization Debate

Greens Call for NBN CEO Salary Cut Amid Cost-of-Living Crisis and Privatization Concerns The Australian Greens have intensified their push for a reduction in the...

The Resilient Journey of Subhendra Basu: Innovation in Cybersecurity

Subhendra Basu’s career trajectory is a powerful story of resilience, perseverance, and intellectual curiosity. With over 24 years of experience across major technology companies...

Choosing the Best Cleaning Company in Dubai: A Complete Guide

Choosing the Best Cleaning Company in Dubai Dubai’s fast-paced lifestyle leaves little time for thorough cleaning, making professional cleaning services a necessity for homes, offices,...

Nvidia Revolutionizes AI & Gaming: Cosmos AI and RTX 50 Series Set to Redefine Innovation at CES 2025

Nvidia announced the GeForce RTX 50 Series graphics cards, powered by the new Blackwell architecture. At the Consumer Electronics Show (CES) 2025, Nvidia unveiled groundbreaking...

Latest Articles