Expatriates in the UAE, particularly those from Bangladesh, India, Pakistan, and other Asian nations, are increasingly transferring funds to digital wallets and bank accounts, driven by the emergence of new fintech companies and banks enhancing their services, according to industry executives.
Ananth Srivatsa, Executive Vice President and Head of Remittances at RAKBank, noted that the UAE and the wider region have experienced a surge in foreign workers from various parts of Africa and Asia over the past few years. 'People are increasingly opting to send money to wallets and bank accounts because more individuals in countries like India, Bangladesh, and Pakistan now have access to these services. Over the last 5-6 years, many banks have significantly improved their offerings. When transferring funds, you receive instant confirmation that the money has reached the beneficiary's account, and the remitter is simultaneously notified,' Srivatsa explained during the Banking, Innovation and Technology conference organized by Khaleej Times.
Several developing Asian countries are increasingly emphasizing the introduction of digital channels to encourage their citizens in the UAE and other nations to use digital methods for remittances. The advent of fintech players is also providing new avenues for people to send and receive money.
A substantial number of banking, technology, and fintech professionals gathered at the Banking, Innovation and Technology conference in Dubai. Srivatsa disclosed that when the bank introduced its service to the Philippines, it began with wallet services. He pointed out that the common perception that banks are slower and more expensive is outdated, especially in the UAE. 'There are areas where improvement is needed, but they are catching up,' he said.
Abhishek Tripathi, Senior Product Director at Careem Pay, mentioned that they involve customers in the product development process before launching them to a broader audience to ensure all needs are met. 'We invite customers to collaborate closely with us and provide them with prototypes. We adjust the product if necessary before its release to understand the local market nuances,' he explained.
Tripathi added that customers remitting funds to different countries have varying requirements. 'When we launched the UAE to Pakistan service, customer behavior differed from those sending money to India and the UK. Interestingly, when we introduced the UK service, we observed not only British citizens sending money to the UK but also many Indians and Pakistanis sending funds to UK universities. All these factors influence our product development,' he concluded.
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