(MENAFN- Mid-East)
The Foreign Exchange and Remittance Group (FERG), in partnership with Dellsons Associates and the Embassy of Pakistan – UAE, hosted 'Remitlink23' an international conference offering insights into the future of cross-border finance and its role in driving Pakistan's growth.
The event took place recently at the prestigious Pakistan Association Dubai (PAD), which assists the UAE's Pakistani community. FERG recognizes the significance of this platform and chose it as the venue for this event which brought industry experts together from across the region.
Osama Al Rahma, Advisor to the Board at Foreign Exchange and Remittance Group (FERG) – UAE, shared valuable insights and perspectives on the remittance industry including the opportunities and challenges faced.
Expatriate Pakistanis play an important role in supporting their homeland's economy – data released by the State Bank of Pakistan revealed the country received a total of $27.024 billion in remittances during the FY 2023 (July 1, 2022 – June 30, 2023).
Highlights of the event included discussions surrounding the evolving remittance landscape and the future of cross-border finance. The event emphasized the significance of formal channels and the need for collaboration among stakeholders to address the challenges. It also aimed to educate Pakistanis companies about formal banking channels and the options available to continue their valuable contributions to their home nation.
Osama Al Rahma, from FERG, said:“Remittances are not just financial transfers; they are a lifeline that play an important role in Pakistan's economy, bringing families, communities and nations together. As the remittance landscape continues to evolve through technological advancements, it's becoming easier for expatriates to send money to their families. Through collaboration and innovation, FERG helps to shape a future where prosperity flows across borders, strengthening nations and financial industries. Our vision is to strengthen the UAE as a leader in exchange and remittance, with the support of the Central Bank and the UAE Government.”
Established 14 years ago, FERG is the voice of the exchange industry. By uniting various money exchange and remittance companies, FERG establishes a collaborative platform that benefits both large-scale enterprises and smaller, single-branch outlets. The group encourages cooperation among its members whose collective efforts achieve shared success.
About FERG:
FERG is an officially registered business group endorsed by the Dubai Chamber of Commerce & Industry, which supports and promotes various activities within the private sector in the UAE. The group serves as a platform for sharing knowledge and expertise, acting as a representative for the industry when engaging with regulatory bodies and government entities, advocating for the interests and opinions of its members. By streamlining operational regulations, FERG strives to create a more favourable business environment for money exchange services, encouraging growth and advancement within the UAE.
The group brings together a wide number of companies engaged in money exchange and remittance services. This collaborative platform unifies both large-scale enterprises with extensive branch networks and smaller single-branch outlets, enabling them to work together for their shared benefit. By pooling resources and expertise, FERG promotes mutual advantages and cultivates a cooperative atmosphere among its members.
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