UAE Exchange registers remittance worth US$290 million to Sri Lanka
View(s):UAE Exchange, the leading remittance and foreign exchange brand, transferred US$290 million, from across the globe, to Sri Lanka in 2013, contributing to 5 per cent of the total remittance inflows to the country.
The company registered a growth rate of 15 per cent over the previous year.
Global remittances to Sri Lanka in 2013, as estimated by the World Bank, stand at US$5.7 billion, according to a media release from UAE Exchange.
Promoth Manghat, Vice President – Global Operations, UAE Exchange, said, “Sri Lankan expats form a major part of the strong customer-base that UAE Exchange serves. Through their perpetual trust and our consistent efforts, we have recorded remittances worth US$175 million from the UAE to Sri Lanka in 2013, compared to US$142 million in 2012. With a rise of nearly 24 per cent in remittances, Sri Lanka is a vital market for UAE Exchange.”
UAE is estimated to have around 250,000 migrant Sri Lankan workers, and on an average UAE Exchange serves over 30,000 customers of the community per month. The brand engages with the expat community though worker-friendly initiatives like regular camp activities, savings awareness programmes through banks and sponsored events during Sri Lankan festivities, the release said.
UAE Exchange offers diverse financial solutions to its Sri Lankan customers including bank transfer, instant money transfer, online money transfer, currency exchange, bill payment etc., among a host of other services.
It has a partnership with Sri Lanka’s banks like Bank of Ceylon, Commercial Bank of Ceylon PLC, Hatton National Bank PLC, National Savings Bank, Nations Trust Bank PLC, NDB Bank PLC, Pan Asia Banking Corporation PLC, People’s Bank, Sampath Bank PLC and Seylan Bank PLC.