Home to 8.58 million migrants, comprising 88% of its population, the UAE's status as a major job market has fuelled the growth of the remittance industry. But at the same time, the UAE's remittance industry faces significant challenges triggered by global transformations. Rising Competition: Intense competition, exacerbated by pandemic challenges and the entry of fintech players, has eroded customer bases and revenues for traditional remittance firms. The confluence of these factors underscores the need for adaptability and strategic measures in the evolving landscape of the UAE remittance industryBeware. To excel, the remittance industry must move beyond traditional approaches and native apps, embracing wider consumer outreach through innovative and adaptable product development.

Source: Indian Express February 12, 2024 14:43 UTC