Summit sees upturn in money transfer market
Dubai, March 23, 2010
While there has been a slight decline in private financial transfers in the last year, a perceptible improvement in the remittances business is anticipated in 2010, said an expert at a money transfers summit in Dubai.
Leon Isaacs, managing director, International Association of Money Transfer Networks (IAMTN), was speaking on the sidelines of the Money Transfers Dubai Conference 2010 (MTD 2010), which opened yesterday (March 22) at the Dubai Emirates Towers.
Organised by the London-based IAMTN for the third year in a row, the event is focused on helping businesses succeed in today’s highly competitive environment.
The conference, a platform for discussing business developments, regulation and other areas of interest on international money transfers, will address the impact of the economic crisis on the money transfer industry, the aftershocks and the new challenges faced by the Middle East market.
Isaacs said the decline in money transfers seen last year was mainly driven by many expatriates returning to their native countries.
“The GCC region has over 12 million expatriates and is the second largest source of private financial transfers, after only the US,” he added.
“This conference provides a platform to discuss regulatory issues and the latest business developments in money transfers through a panel discussion, which presents excellent insights to those who will attend.”
Among the main issues to be discussed at the event are the results of the mandate to provide salaries through a payroll account, which was implemented a year ago, and its implications on the money transfer industry.
A significant percentage of the GCC’s $40 billion remittance is transferred by the 4.5 million expatriates residing in the UAE, said a statement.
MTD 2010 also aims to give an opportunity to the attendees to discuss the challenges and opportunities that can strengthen the remittance business.
“This event holds tremendous potential to strengthen the money transfer industry by discussing best practices and standardisation, and the injection of vital technological advancements into the companies’ individual systems," said Isaacs.
"Looking at the impressive list of speakers and confirmed guests, we are confident that this year’s event will record a resounding success,” he concluded. – TradeArabia News Service