UAE Exchange expects to grow the volume of remittances it handles by up to 10 per cent in 2018, driven by improved economic growth forecasts, rising liquidity in the region and new acquisitions, according to The National.

Global remittances grew seven per cent to $613 billion in 2017, according to the World Bank.

The US dollar comeback in recent months following a period of weakness has boosted UAE Exchange, seeing a good flow of money to India, Pakistan and the Philippines, as well as Egypt.

Promoth Manghat, CEO of UAE Exchange, a said over the last year and a half there has been an increased amount of remittance activity worldwide and we are seeing that reflected in our business with substantial, double-digit growth overall, The National reported.

UAE Exchange operates in 45 markets worldwide and handled close to $30 billion of remittances last year representing 46 per cent of the global remittances market.

In the past the company’s acquisitions include exchange house Remit2India and US blockchain firm Ripple, Swych , UAE’s Souqalmal and UK exchange house Travelex.

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