FERG launches new online presence to serve USD 30 billionexchange and remittance industry in UAE

Dubai - December 30, 2014: The Foreign Exchange and Remittance Group(FERG) has announced the launch of its new online presence to better represent the voice of the UAE’s USD 30 billion exchange and remittance industry in the UAE.

The announcement coincided with the FERG Annual General Meeting being held at the Shangri La Hotel, Sheikh Zayed Road, Dubai.

FERG, which wasblessed as per a Central Bank of the UAE initiative, hasunveiled its new websiteas it pushes for advances in communication, compliance, better regulation and effective anti money laundering (AML) initiatives.

“FERG is constantly striving for an innovative yet stable foreign exchange and remittance industry that contributes to the economic and social wellbeing of its customers. As we push for our industry to evolve to meet the needs of the 21st century, we recognise the need for transparent communication and a clear agenda. We have entirely revamped our online presence to offer useful information to our members and their customers,” FERG Chairman Mr Osama Al Rahma.

The remittance industry in the UAE is one of the most active in the world, seeing over AED 110 billion transferred annually from the country to expatriate workers’ home markets.

“We want to position UAE as a market leader in globalexchange and remittance flows, and we want to lead the way in transparency and world class service provision. We believe our new online presence is a step in the right direction,” Al Rahma added.

The new site can be accessed atwww.ferguae.org. The portal offers facts, figures, an updated event schedule of FERG events, and bios of the organisation’s board members. A comprehensive section for media information and an FAQ page are also easily accessible. Most of the UAE’s notable exchange houses are FERG members.