Market Research Reports - Ken Research UAE Remittance Industry Competition

UAE Remittance Market to Embellish Via Affirmative Economic Changes: Ken Research
A remittance usually refers to the fund transfers which an expatriate does in order to send
money to his/her country of origin either via wire, mail, or online transfer. Such peer-to-peer
transfers of funds across the borders have proved to be economically notable for many
countries across the globe. In UAE, the international remittances are generally carried out
through exchange houses and banks.
UAE is regarded as a leading cosmopolitan hub in the world since it offers a wide range of job
opportunities, ultimately being a major attraction for the job seekers especially in other South
Asian countries. According to UAE Market Research Reports for Remittance, the population of
this country has been witnessed to include a majority of expatriates and consequently, UAE has
relished a rapid economic growth over the years, due to its strong labor force, mainly
composed of expatriates.
UAE Remittance market functions via international as well as domestic remittances which are
usually represented by: workers remittance outflow, business to business and personal
remittances. The expatriates in this country have played a significant role over the years and
thereby have reckoned to be amongst the key contributors to international remittance market,
wherein the revenue trends have ameliorated at tremendous growth rates, if considered from
2011 to 2016. As per the UAE Remittance Industry Research Report, this industry has
showcased a healthy growth till now majorly owing to optimistic factors like: booming number
of expatriates in the country; amplifying infrastructure and developmental activities; and
mushrooming business sectors. On a whole, the technological transition resulted in ‘electronic
mode of transfer’ to supersede the market accounting for a major share in the workers
remittance outflow. Thus, during 2016, direct credit to bank account along with the advent of
online services well dominated this market.
It has been well investigated with the help of UAE Remittance Market Research Reports that
the international remittance market has long been a highly competitive market where the
exchange houses often compete on the basis of number of transactions, volume of
transactions, number of branches, services offered and many other related factors.
Furthermore, the exchange houses that are prominent in UAE at present include: UAE
Exchange, Al Ansari Exchange, Al Fardan Exchange, and Sharaf Exchange.
On a proper scrutiny of the most recent trends given by UAE Remittance Industry Analysis, it
has been observed that the launch of crypto-currencies such as Bitcoin and Ethereum is
resulting in a huge impact on the remittance industry worldwide since these latest currencies
possess the potential to engender decentralization of money issuing and financial services;