Please share a short brief on your brand’s association with the UAE Central Bank.
Al Rostamani International Exchange [ARIE] started its business operations in 1979 under the license issued by the Central Bank of the UAE. ARIE’s association with CBUAE started since the time of its inception. CBUAE has always played an active role in guiding the industry in setting the standards in line with the global requirements, support the business in its expansion by licensing of new branches providing approval for new products or arrangements, working closely with the industry in the implementation of the AML/CFT processes and controls. Their support and guidance has given a clear direction to the industry as a whole to be compliant to the required global AML standards, thereby improving the compliance on an ongoing basis.
The CBUAE and their officials are approachable and willing to listen to the industry players and in providing timely feedback on areas of improvement.
As one of the premium money exchange houses in the UAE and the greater Middle East, how has your brand helped the country’s burgeoning remittance sector to thrive over the years?
ARIE’s core business activities includes offering global remittance services, foreign currencies, multi-currency travel cards and other ancillary services as required by consumers, which are part of the approved products as per the standards. The products and services are designed to address the needs of all the expatriate community and the Emiratis in the UAE, who often need services such as sending money to meet family maintenance, for investments and for education purposes etc… The service offers includes quick delivery of funds to beneficiary account in a most cost effective manner.
The pricing applied is the best in the Industry and UAE is one market the charges levied are the cheapest form a global perspective. ARIE recognizes the fact that our services can be related to “sending smiles across boundaries” and timely delivery of funds to every nook and corner, thereby support the expatriate’s community to ensure that their family member’s needs are addressed in a timely manner. As part of this need ARIE has been focused in widening the footprint to establish correspondent banking relationship / network with complete coverage to almost every country from where the expatriates have come to the UAE, which they consider as their second home in this wonderful country.
ARIE continuously works towards improving the product features / benefits and the processes keeping in mind the consumers’ needs and addresses them on a continued basis to improve the satisfaction levels. The feedbacks are sourced through various customer contact programs and based on such feedback ARIE ventured in to implementation of Omni channels to be in line with the changing needs of the consumer behavior. Recently the Mobile app is launched to target the WPS customers and the app will also be extended to other retail customers once the payment gateway integration is completed and enabled.
Enabling the digital services will provide ARIE an edge over many players in the industry as well as to be in line with the service providers such as banks and/or Fintech companies.
Please share a short and exclusive message congratulating the UAE Central Bank on its 40th anniversary and how you see your brand building on the long and fruitful partnership built upon and shared by both entities.
We congratulate the Central Bank of the UAE on their successful completion of 40 years, guiding the Financial System in the UAE, including the Money Exchange Business. The CBUAE appreciates the importance of the Money Exchange Industry and its role in the financial inclusion by extending the remittance services to the unbanked customers in a most cost effective manner. CB UAE is the first regulator in this region to bring in a better control to ensure timely payment of wages to all the workers through implementation of the WPS system, which supports the UAE’s larger objectives.
CBUAE also plays an active role in engaging with the industry players on a regular basis to understand the market and consumer needs and guides them with regulatory changes keeping in mind the global standards.
The industry has benefitted in terms of enhanced credibility and we truly appreciate the guiding role played by the CBUAE for the betterment of the industry.