To bring unbanked, migrant workers under the financial realm, UAE Exchange has signed an MoU with Kayan Labs to provide remittance facility through ‘rise’ mobile application, the world’s first migrant wealth management platform that helps unbanked migrants in the GCC manage their finances.
The partnership will enable both UAE Exchange and Kayan Labs to explore opportunities using rise mobile application for offering money transfer in a secured and convenient manner, thereby extending the online money transfer capabilities of UAE Exchange especially to the blue-collared workers.
While the unbanked migrant workers in the UAE have always had the option of visiting physical branches for money transfer and payment requirements, with the rise mobile application, they will be able to send money at their own convenience any time, said Promoth Manghat, CEO, UAE Exchange Group.
“With over 25 million registered migrant workers in the GCC, a surprising 17 million do not have bank accounts. Our aim is to bring financial inclusion and literacy to this unbanked population,” said Milind Singh, Co-Founder, rise.