Xpress Money registers a 10% growth in 2017
Remittances from the GCC remain strong; 2018 expected to witness continued growth
Dubai, February 4, 2018: Xpress Money, one of the world’s most dependable money transfer brands, witnessed a 10% growth in its global operations in 2017. The growth was backed by new partnerships in crucial corridors, innovative solutions, and a global expansion in the Xpress Money agent network.
Continue reading Xpress Money registers a 10% growth in 2017
Millenials drive the need for innovation in the remittance industry
Digital natives want physical transactions to be complemented by digital channels
Dubai, October 8, 2017: Xpress Money is doubling down on its efforts to create new digital channels and augment existing ones as research shows Generation Y – or millennials –want to be able to conduct financial transactions online and through their smartphones.
Continue reading Millenials drive the need for innovation in the remittance industry
UAE is likely to see increased cashless transactions by 2020: Xpress Money’s Strategy & Digital Chief
~Regulatory frameworks and foundations being laid for rapid transition to cashless payments~
Dubai, August 14, 2017: Cash is still the reigning king, but that is likely to change rapidly given the UAE’s thrust towards cultivating smart economies, says Xpress Money’s Associate Vice President – Strategy, Digital & BIA, Arundhoti Banerjee.
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Xpress Money sees 12% rise in remittances in the first two weeks of Ramadan
~ Season of generosity translates to more remittances to friends and family back home ~
Dubai, June 24, 2017: Xpress Money, one of the world’s most dependable money transfer brands has recorded a 12% increase in remittances in the first two weeks of Ramadan as compared to the same period last year (first 2 weeks of Ramadan last year). The increase is reflected in outward remittances to South Asia, the Levant and other parts of the MENA region.
“Ramadan is the month of giving, and we traditionally witness that remittances back home to friends and loved ones increase during the month. This year, we have registered a 12% increase in remittances in the first two weeks of the holy month, and this figure may change once we tabulate data for the entire month after Eid-al-Fitr. The increased remittances are a sign of generosity, and also help families back home prepare for Eid festivities,” said Xpress Money’s COO, Sudhesh Giriyan.
The increased remittances are part of a broader shift in spending, consumption and behavioural habits during the holy month. Last year, a comprehensive GCC-wide survey by Xpress Money showed that 44% of UAE expatriates transferred more money to their loved ones during the month, while 69% spent more on charitable acts. 43% of respondents also said that they spend more time socialising with friends and family during Ramadan.
Xpress Money provides financial literacy training to over 125,000 blue-collar workers across the GCC
Xpress Money marketing teams visited close to 300 labour camps across the GCC in Q1, 2017
Dubai, April 2017: Xpress Money, one of the world’s most dependable money transfer brands, has reached out to over 125,000 blue collar workers across the GCC providing them with focused financial literacy training over the last 3 months. Xpress Money teams visited labour camp residents in UAE, Oman, Kuwait, Bahrain, Qatar and Saudi Arabia and educated them on important topics such as financial planning, savings, the importance of using legal, regulated channels for money transfer and how ‘hawala’ or ‘hundi’ can rob them of all their hard earned money and life savings.
Xpress Money also played a crucial role in educating Indian expats about remonetisation on every step, and how their beneficiaries could receive the money sent by them without any hassle.
“Xpress Money has a proud history of community outreach, and prides itself on being a responsible member of the global financial sector. Our program was designed to promote financial security and inclusion by raising awareness among blue-collar workers – who can be at risk of falling prey to grey remittance channels and scams. Simple but important tips on how to save money are very well appreciated by the audience. We happy to have made a small but essential difference to the lives of thousands of expats residing in the GCC ”, says Ashwin Gedam, Vice President of Global Marketing, Xpress Money.
Collectively, the financial literacy training was provided to expats from India, Bangladesh, Pakistan, Nepal, Sri Lanka, Philippines, Kenya, Nigeria, Ghana, Uganda and Ethiopia. The teams visited labour camps on a weekly basis and on an average covered 35 camps a week, across these countries.
“We want to ensure that our blue collar customers are assured that they can remit money securely, with complete traceability and a guarantee that it will reach the intended recipients safely and on time. Through this endeavor, we also want to support the regulators and authorities of the UAE in promoting the importance of financial transparency.” concluded Gedam.