Dubai: The Foreign Exchange and Remittance Group (FERG) successfully held its Annual General Meeting for 2023, reflecting on a successful year and discussing future goals to strengthen the UAE’s position as a leader in the exchange and remittance business.
Attendees were given a warm welcome by Mr. Mohamed Al Ansari, who expressed gratitude for FERG’s support in realizing the organization's vision for a transparent and resilient exchange and remittance sector in the UAE. Led by FERG board members, the event featured presentations, discussions and an informative Q&A session with the FERG community.
Mr. Mohamed Al Ansari, Chairman, FERG said “Our vision is to strengthen the UAE’s position as a leader in the exchange and remittance business with the support and guidance of the Central Bank and Government of the UAE. We aim to enhance our operations and contribute meaningfully to the nation's economic strength, fostering a resilient and progressive financial landscape that resonates globally."
Mr. Rajiv Raipancholia, the Secretary of FERG, highlighted the group's activities and achievements throughout the year which include AML trainings, committee meetings and widespread industry event participation across the UAE.
Mr. Adeeb Ahmed, Vice Chairman of FERG, stated, "As a proactive platform within the financial industry, FERG is deeply committed to driving sustainable growth and innovation within the UAE's financial sector. FERG remains dedicated to excellence, transparency, and service quality, ensuring that we play a pivotal role in shaping the future of the financial industry in the United Arab Emirates."
Since its inception, FERG has conducted 130 workshops for over 10,000 employees in the exchange and remittance sector. These workshops, covering areas such as AML/CTF, risk management and ethics, have played a crucial role in empowering smaller exchange companies lacking the resources and expertise for comprehensive training.
The approval of the audited financial statement for the year 2022 highlighted FERG's commitment to transparency and responsible financial management, aligning with the organization's dedication to maintaining high accountability standards. Mr. Antony Jose, Treasurer of FERG, presented the estimated accounts for 2023 and the budget for the upcoming year 2024, providing a clear financial strategy to support FERG's continued growth in the industry.
FERG is set to capitalize on the achievements of 2023 and aims to continue collaboration, transparency and excellence with the UAE’s exchange and remittance sector.
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.