Page 92 - AAE PR REPORT - FEBRUARY 2025

2/21/25, 4:40 PM UAE's Al Ansari in profit drop as remittance scene gets more competitive

While remittance volumes continue to grow, with expat residents making gains from a dollar surge,

the number of platforms that offer opportunities to send money keeps growing.

We remain confident in our ability to navigate challenges, capitalise on emerging

trends, and drive long-term value for all our stakeholders.

Mohamed Al Ansari
Chairman of Al Ansari Financial Services

Take on the fintech challenge

"We have been working closely with regulatory authorities to address industry challenges,

particularly the disruptive practices of certain fintechs that undermine fair competition and create an

uneven playing field for all industry participants," said Rashed Al Ansari, Group CEO of Al
Financial Services.

"Our proactive stance in this area underscores our commitment to fostering a balanced and equitable

market environment."

Fintechs are aggressively courting expats on their currency remittance needs through targeted

promotions, including zero fee transactions. This year will further see market shares held by

currency exchange houses, banks and fintechs turn even more fluid.

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