GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

 
  Share

Dubai, UAE, March 01, 2018:   The UAE population comprises of approximately 80% migrant workers, with blue-collared constituting the major segment. The blue-collared workers are also among the underserved and unbanked communities who have no or limited access to the financial services. To bring such workers under the financial realm, UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, has signed a MoU with Kayan Labs for exploring new channels to provide remittance facility through ‘rise' mobile application, the world's first migrant wealth management platform that helps unbanked migrants in the GCC manage their finances.

As per the MoU, signed on the sidelines of Finovate Middle East, UAE Exchange and Kayan Labs will jointly cooperate to bring in a unique digital experience to the customers in UAE. The partnership will enable both UAE Exchange and Kayan Labs to explore opportunities using rise mobile application for offering money transfer in a secured and convenient manner, thereby extending the online money transfer capabilities of UAE Exchange especially to the blue-collared workers.

Speaking about the new collaboration, Promoth Manghat, CEO, UAE Exchange Group, said, “We are constantly working on innovation and innovative collaborations to empower and enable the unbanked population around the world. The partnership with Kayan Labs for rise is one of them. While the unbanked migrant workers in the UAE have always had the option of visiting our branch for money transfer and payment requirements, with the rise mobile application, we want to empower the workers to send money at their own convenience any time. The partnership not only will raise our customer experience quotient but also reinforces our commitment to financial inclusion.”

Rise has also been used as a payroll provider by households employing domestic helpers, with helpers using the rise app to manage their financial needs. The application also empowers the workers to learn new financial skills with insights from the various global experts. “With over 25 million registered migrant workers in the GCC, a surprising 17 million do not have bank accounts. Our aim is to bring financial inclusion and literacy to this unbanked population. With UAE Exchange, the region's most trusted money transfer provider, as our remittance partner, we will add yet another great service for our customers,” said Milind Singh, Co-Founder, rise.

UAE Exchange has been leading the way in transforming the region's digital payments landscape. The brand also launched their online platform recently to enable people in the UAE to send money online at their convenience. 



Posted by : GoDubai Editorial Team
Viewed 9955 times
Posted on : Thursday, March 1, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : The Board of Directors of the Central Bank of the UAE held its 2nd meeting for 2018
Next Story : Ithmaar Bank reports 2017 profits
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
NARS Erdem SS19 Beauty Report
Diana Arno Expands Online Shopping to Middle East
Introducing Home Fragrance at Robinsons, Dubai Festival City
Introducing VK Beauty Lounge & Bar
Defying Age With Skin Republic's Gold and Platinum Face Masks
The Future Is Here
Roberto Cavalli's Exclusive Duo of Fragrances
Lacoste.12.12 Collection
Bring a Touch of Sophistication to Your Home with The Exclusive SmegXDolce&Gabba...
FOREO To Attend TFWA: the World's Largest Travel Retail Show
Trevor Sorbie Range Relaunches in the UAE
Carl F. Bucherer Celebrates Debut of Its Online Boutique on Jd.Com Launch of Lim...
GROHE Smart Home: The App-Controlled Water Security System
Pamper yourself at Perfumery & Co this month, at The Dubai Mall
Le Meridien Dubai Hotel & Conference Centre's Restaurant Promotions- October
O Boticário Opens in Dubai its First Amphora Store outside Brazil Come Join...
William Collection by Hugo Boss
Dubai Parks and Resorts Celebrates Saudi National Day
Al-Futtaim ACE launches its stylish new Outdoor collection
Honor Set to Go Beyond Limits With the Launch of Honor 8x
Honda voted “Preferred Sedan Car Brand of the Year” for the fourth year in a row
The Mummies of Dubai Give Their Kids a Preppy Style Makeover
Al-Futtaim Toyota swoops another win at the Filipino Times Awards
Huawei Deepens Cooperation with Duisburg to Transform Germany's Industrial Hear...
Tips & Toes Hits the Big 3-5!
Hyperloop Transportation Technologies, Partners, and Government Stakeholders Mov...
Ministry of Human Resources and Emiratisation, Huawei and Honor launch ICT Compe...
Dubai Design Week continues to grow, cementing Dubai as the design capital of t...
New GUESS Handbags for FW18
du Wins Smart Cities Award at the Telecoms World Middle East 2018
Mousses Etoiles to reveal the latest luxury designs of commercial-use outdoor fu...
Eberhard & Co. Scafograf 100 For Elegant Lady
Tata Communications launches a specialised cyber security lab at Shanmugha Arts,...
Consonni Wraps Up La Vuelta a Espana With a Seventh Place Finish for UAE Team Em...
Akamai Unveils Solutions at IBC 2018 Designed to Mitigate the Challenges and Cos...
Abu Dhabi wins bid to host 2022 ITU Grand Final in world first
Cadillac XT4 Delivers Dynamic Driving Experience
du Opens New Business Centre in DIFC for Enterprise Customers
Volunteers from the UAE join hands with the community in Tasset Peulh village in...
Sharjah's Recognition as ‘Accessible City for Physically Disabled' Hailed as His...
WWE® Crown Jewel Set for November 2 in Saudi Arabia
New Homologations for Pirelli Tyres
The Dubai Business Women Council meets with the UN Assistant Secretary-General t...
Dubai Festival City Mall Celebrates KSA National Day with Special Imagine Show
The Ferrari Monza SP1 and SP2 unveiled – the first models in a new concept of li...
Registration for the 5th edition of Camel Trek is now open
2018 FW in style at Zippy
New Headmaster for Repton School, Abu Dhabi School's Rose Campus (FS1 to Year 1...
Huawei becomes one of the first multi-national technology companies to register ...
Fidu Properties unveils second office in Dubai; eyes expansion in UAE