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.