Qatar-UAE Exchange, a leading remittance, foreign exchange and payment solutions brand, inaugurates its 10th (tenth) outlet in the country in Doha’s Asian town development area.

The exchange is the first remittance brand in Qatar to introduce 'online remittance channel' via its website, a statement said.

Promoth Manghat, chief executive officer, UAE Exchange Group, said: “Qatar accounted for more than $10.4 billion in remittances in 2015, with South Asian countries receiving 70 per cent as per the World Bank.”

“Volatility in the global currency markets coupled with socio-political conditions influenced the currency value. Stronger USD further weakened the other currencies, impacting remittance positively. Also the oil price slump did not affect the remittance flow from the GCC countries much. GCC was the largest remitting region last year.

“This was possible due to the diversification of the economy, which the Governments did to reduce the dependency on oil. Initiatives like Football World Cup in Qatar, Expo2020 in the UAE, various major infrastructure projects across the region etc., are further attracting migrant talent, especially from the South Asian and Arab countries. These can help the remittance flow to be steady,” he added.

Mathai Vaidian, country head, Qatar-UAE Exchange, said: “Qatar-UAE Exchange has always progressed along with the country. For us, our efforts are channelised in enhancing customer experience by being one step closer to them.

“Our new outlet will help us extend convenience and provide customised financial solutions across traditional and digital platforms to the residents of Asian town. Also, with the country gearing up ahead for the Fifa 2022 World Cup, we are expecting the region to remain a destination of choice for international talent, propelling a robust remittance growth from Qatar.” – TradeArabia News Service