Monday 27 March 2017
 
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Money transfer

Fintech ‘will redesign GCC financial sector by 2020’

Fintech has the potential to alter financial services in the GCC by 2020, said an industry expert, adding that service is still in emerging status due to the lack of consumer confidence, issues of scale, and regulatory compliance.

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Xpress Money sees double-digit growth

Xpress Money, one of the world’s leading money transfer brands, witnessed a 12 per cent growth in its global operations in 2016, propelled by customer loyalty and a strong agent network. Xpress Money saw its traditional remi

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Remittances to developing countries to rise in 2016

Remittances to low and middle-income countries (LMICs) are projected to hit $442 billion in 2016 – an increase of 0.8 per cent over the previous year, according to a World Bank report. Remittances to the Mena region are expe

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WU offers remittance via mobile, social media

Western Union, a leader in global payment solutions, has launched a technology platform that integrates with leading consumer messaging and social media platforms to offer quick and convenient money transfers worldwide. The WU Con

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UAE Exchange ties up with Filipino bank

UAE Exchange, a leading global money transfer and foreign exchange brand, has tied up with Philippine’s Rizal Commercial Banking Corporation (RCBC), to offer remittance services in real time. Now Filipinos, living outside th

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UAE forex group turns up heat on grey transactions

UAE’s Foreign Exchange and Remittance Group (FERG) has turned up the heat on money laundering and frauds at its recent anti money laundering (AML) and combating terrorist financing (CTF) conference in Dubai. The aim of the c

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Iran uses China bank to transfer funds for Quds ops

Several companies in China receive money from Iran through a Chinese bank and such transfers help to finance international operations of the Islamic Revolutionary Guards Corps' elite Quds Force, a report said. The Western inte

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Saudi Post, Alinma ink money transfer service deal

Saudi Postal Corporation and Alinma Bank, one of the fastest growing banking institutions in the kingdom, have entered into an agreement with Western Union to offer money transfer services. Under the agreement, remittance services

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Call to break money transfer monopoly in Africa

Regulators around the world must take action against the anti-competitive business and lobbying practices of Western Union and MoneyGram in Africa, said the CEO of UK-based WorldRemit, a global online money transfer business. Dr I

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Bitcoin's promise: a financial revolution web is waiting for

Bitcoin may not be the messiah of a new currency its hardcore fans yearn for, but it may herald the deeper financial revolution the internet has been waiting for. While computers and smartphones have brought the web to more than a

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