Page 56 - AAE PR REPORT - November 2024
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11/19/24, 9:58 AM Al Ansari Financial Services sees profit drop for 9-month 2024 over 'significant challenges' | Markets – Gulf News
"While we welcome competition and believe it fosters innovation, it is important to
ensure fair and sustainable practices," the CEO added. "This is why we are actively
working with the Foreign Exchange and Remittance Group (FERG) and regulatory
authorities to address industry-wide challenges and mitigate their impact on our
business and the broader industry."
Fintech platforms, leading tech groups such as e& and du, as well as banks operating in
the country have a fairly sizeable role in the UAE's remittance and allied services.
Legacy remittance exchange houses have seen market share erosion as well as pressure
on their margins. (Recently, the UAE money exchange companies raised the fees on
remittances done at their branch locations.)
"We are actively implementing strategies to further enhance efficiency and control
expenditure that are expected to positively impact our bottom-line," said Mohammad
Bitar, Deputy Group CEO of Al Ansari Financial Services.
More transactions on digital
On the plus side, Al Ansari has been making gains on transactions done through digital
channels, which 'continue to be a primary focus'. It saw a 24% year-on-year increase in
transactions through its digital platforms and 'now accounting for 23% of overall
outward remittances'.
https://gulfnews.com/business/markets/al-ansari-financial-services-sees-profit-drop-for-9-month-2024-over-significant-challenges-1.1730953530306 3/3
