Dubai, November 21, 2018: Foreign Exchange and Remittance Group (FERG), a consortium of businesses engaged in the foreign exchange and remittance industry, celebrated the completion of 10 successful years at its Annual General Meeting, which was held at Steigenberger Hotel, Dubai in the presence of office bearers, members and industry leaders and officials representing Central Bank of UAE, Dubai Police, Abu Dhabi Police, Dubai Chamber and other strategic partners of FERG.
FERG, which was formed in 2001 and officially registered under Dubai Chamber of Commerce and Industry in 2008, brings together UAE’s leading exchange houses and money transfer operators to discuss challenges, opportunities and threats facing the industry. Over the last 10 years, the group has been instrumental in various initiatives for the mutual benefit of every stakeholder in the industry and beyond. FERG was involved in the successful implementation of UAE’s Wage Protection System (WPS). It has also worked extensively on making the industry more secure by working extensively on research and training in AML, CTF, Counterfeit Currency and Frauds. FERG works closely with Dubai Police and other international organizations to curb Financial crimes within the sector. The group is also an adherent of the country’s Emiratization policy and actively works to bring Emirati workforce to member companies.
Mohamed Ali Al Ansari, Chairman, FERG, said, “In a short span of 10 years, FERG has achieved the distinction of being recognized as the voice of the UAE’s exchange and remittance industry. Currency exchange and remittance play a vital role for both the multi-national resident community in the UAE, as well as the millions of tourists visiting the country. At FERG we are committed to ensuring that the services offered by our industry infrastructure are safe, convenient, economical, and aligned with the regulatory framework of the UAE. I would like to thank the Central Bank and the government of UAE for their support in helping us achieve our vision to make this country the leader in the exchange and remittance business.”
With focus on the future of the payments industry in the region, a panel of thought leaders including Simon Haslem, Group CEO, Network International, Pankaj Asthana, VP, Digital Products, MasterCard, Osama Al Rahma, Vice Chairman, FERG, and Lina Hediah, Executive Director, ConsenSys, discussed the challenges and opportunities in the digital transformation journey of the remittance industry.
At the AGM, Mr. Rajiv Raipancholia, treasurer of FERG summarized the accounts for 2017 and the same was approved by the general body, he then explained the income/expenditure account for 2018 followed by the budgets for the forthcoming year 2019
Osama Al Rahma, Vice Chairman, FERG, said “The UAE’s remittance industry is undergoing a phenomenal digital transformation. At FERG, we are committed to ensuring that we, as an industry, steer through the challenges wisely and make the most of the opportunities that lie ahead. In the last 10 years, the group has been a catalyst for the industry’s growth and now our eyes are set on capitalizing on the future. The UAE is on a positive growth trajectory, and it is imperative that the country’s exchange and remittance industry facilitate this growth”
FERG, a non-profit organization registered with the Dubai Chamber of Commerce and Industry, currently has sixty-seven member companies, ranging from large sized exchange houses with more than 200 branches, to single branch operators. It serves as a common platform for all the players to come together and work towards mutual benefit.