Forex

UAE Exchange to expand presence in 24 more countries by 2014

V. Sajeev Kumar Kochi | Updated on September 10, 2012

UAE Exchange, a leading player in money transfer business, is to expand its presence in 24 more countries by 2014. The company is currently serving 30 countries across the globe.

Y. Sudhir Kumar Shetty, COO-Global Operations, said that the new overseas centres will be in Africa, Europe, and South America. “We are in very advanced stage of opening these new centres”, he added.

Shetty, who was in the city in connection with the opening of Global Contact Centre in Kochi, told Business Line that the global awareness of UAE Exchange brand has made it easier for the company to receive licences for money transfer service in various countries.

“Moreover, the licence accorded by the Financial Services Authority, UK enabled us to open centres in all European countries, he said.

Remittance business

The countries, which have been selected to start operations, have been identified based on the potential of remittances in a particular country as well as the feedback received from business organisations there, he said.

Referring to business performance, he said UAE Exchange has carried out $19 billion remittances globally in 2011.

Of this, $6.7 billion came to India. It is estimated that 30 per cent of the remittances to India came to Kerala especially from the Gulf countries, the strongest corridor of remittances to the State.

Business target

The company, he said, is growing at a rate of 8-10 per cent and is aiming to achieve $7.5-billion remittance business this year in the country. The World Bank estimates that the total remittance business globally was $64.7 billion in 2011.

With 310 branches in India, he said UAE Exchange has covered almost all the regions where the service is required. The company is currently catering to foreign exchange, travel and ticketing, stock trading, marketing of insurance products.

He said the Global Contact Centre in Kochi — Nivid — designed according to international standards will provide customer service in the 15,000 sq ft area.

The centre, which can accommodate 300 executives, will function round-the-clock. There are also plans to commission a similar set up in Chennai and Manila in the near future, he said. 

Published on September 10, 2012

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