Dubai: The UAE population comprises of approximately 80% migrant workers, with blue-collared constituting the major segment. The blue-collared workers are also among the underserved and unbanked communities who have no or limited access to the financial services. To bring such workers under the financial realm, UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, has signed a MoU with Kayan Labs for exploring new channels to provide remittance facility through ‘rise’ mobile application, the world’s first migrant wealth management platform that helps unbanked migrants in the GCC manage their finances.

As per the MoU, signed on the sidelines of Finovate Middle East, UAE Exchange and Kayan Labs will jointly cooperate to bring in a unique digital experience to the customers in UAE. The partnership will enable both UAE Exchange and Kayan Labs to explore opportunities using rise mobile application for offering money transfer in a secured and convenient manner, thereby extending the online money transfer capabilities of UAE Exchange especially to the blue-collared workers.

Speaking about the new collaboration, Promoth Manghat, CEO, UAE Exchange Group, said, “We are constantly working on innovation and innovative collaborations to empower and enable the unbanked population around the world. The partnership with Kayan Labs for rise is one of them. While the unbanked migrant workers in the UAE have always had the option of visiting our branch for money transfer and payment requirements, with the rise mobile application, we want to empower the workers to send money at their own convenience any time. The partnership not only will raise our customer experience quotient but also reinforces our commitment to financial inclusion.”

rise has also been used as a payroll provider by households employing domestic helpers, with helpers using the rise app to manage their financial needs. The application also empowers the workers to learn new financial skills with insights from the various global experts. “With over 25 million registered migrant workers in the GCC, a surprising 17 million do not have bank accounts. Our aim is to bring financial inclusion and literacy to this unbanked population. With UAE Exchange, the region’s most trusted money transfer provider, as our remittance partner, we will add yet another great service for our customers,” said Milind Singh, Co-Founder, rise.

UAE Exchange has been leading the way in transforming the region’s digital payments landscape. The brand also launched their online platform recently to enable people in the UAE to send money online at their convenience.

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About UAE Exchange

“UAE Exchange” is a leading global money transfer, foreign exchange and payment solutions brand, headquartered in Abu Dhabi, United Arab Emirates. Established in 1980, today, it is one of the widest accepted globally networked remittance brands and a pioneer in digital adoption.

Spread across in five continents from Americas to Oceania, UAE Exchange operates a strong network of over 800 direct offices in 28 countries and 200,000+ agent locations in 165 countries. The brand also offers digital services including prepaid cards, online money transfer facilities, mobile-based applications and kiosks in many major markets. Over 9000 professionals, representing 40+ nationalities, collaborate every day to ensure consistent and enriched customer experience is delivered through multiple channels, bringing delight to more than 15 million customers worldwide.

This customer-centric ethos combined with a quality-driven approach, constant innovation in products and processes, and the deployment of latest technological advancements across all retail operations and digital channels sets UAE Exchange apart from its peers.

UAE Exchange is ISO-certified and has been honoured internationally for its commitment to Quality Management, winning the European Society for Quality Research (ESQR) Quality Achievement Award and the Dubai Quality Gold Award. It is a member of prestigious associations, including the World Economic Forum and the United Nations Global Compact. The brand has been globally recognised and awarded for its corporate citizenship, customer service initiatives and business excellence.

For more information about UAE Exchange, visit www.uaeexchange.com .     

About rise 

‘rise’ is a migrant growth management platform, helping migrants manage their money. Launched in 2016, rise has been focussed on the domestic help segment in UAE, helping them grow and will soon be available to everyone in UAE seeking to build a better future. At rise, Everyone Matters.

For more information visit: www.gorise.co  

© Press Release 2018