GMTS is the most recognized conference in the money transfer industry.
The place where money transfer industry leaders gather to examine the areas that are having the biggest impact on remittances.
GMTS Dubai 2018 brought together a global network of innovators, disruptors and established participants in the money transfer industry. The stakeholder that are driving the world of the X-border payment industry and the financial services revolution in the Middle East, Central & South Asia and North Africa joined together at GMTS.
Remittances, a major source of revenue for the world’s poorest countries, are due to grow again this year after falling two years in a row. Official remittances, to developing countries, raised by 4.8% in 2017, reaching $450 billion. Global remittances, which include flows to high-income countries, raised by 3.9 percent to $596 billion.
The total value of remittances by foreign workers in the UAE reached Dh78 billion during the first half of 2017, representing 48.5 per cent of the total balance of payments in the country in 2016 amounting to Dh160.8 billion.
According to the bank’s data, Dh31.4 billion, or 77 per cent of the total of remittances of foreign workers in the country, were transferred through money exchange companies during the second quarter of the year, while 23 per cent, or Dh9.4 billion, were converted through banks.
This article has originally been published at gmts-iamtn.com
