Al Ansari: 15% of the transactions are completed through the company's smart application

Al Ansari Exchange aims to open 15 new branches in 2022

  • The company has grown by about 10% in the last two years.

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  • Muhammad Al-Ansari: “The Corona pandemic constituted a strong impetus for the digital transformation process.”

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The Chairman of the Board of Directors of Al-Ansari Exchange, Muhammad Ali Al-Ansari, said that “the company continues the path of growth and progress by expanding its scope of work inside and outside the United Arab Emirates,” noting that it “has achieved a growth of nearly 10% during the past two years, despite One of the challenges the world has faced due to the Corona pandemic.

Al-Ansari added, in his interview with «Emirates Today»: "We are keen to enhance the level of our presence in the market and increase the number of our branches, as

We are working on opening 15 new branches before the end of 2022 in areas that witness

There is a growing demand for our financial services.”

The Chairman of the Board of Directors indicated that “2020 was an exceptional year full of unprecedented challenges that the whole world faced due to the spread of the (Covid-19) epidemic, which resulted in a complete closure, but the remittance sector was not significantly affected, as we were excluded from the closure. This is due to the important role that the sector plays in global crises.

He stressed that “the pandemic constituted a strong impetus for the digital transformation process within various sectors, including the remittance sector.

The rise in the demand for electronic payment and transfers has contributed to enhancing (digitization) efforts and moving away from traditional cash transactions.

Market shareThe Chairman of the Board of Directors revealed that «Al Ansari Exchange» acquires a market share of more than 35% among exchange companies in the UAE, adding, «Since the company was established in 1966, the company has sought to provide its services to the largest possible segment of customers, and this is what made it One of the most prominent and widespread exchange companies within the various emirates of the country, to include today 213 branches, 55 of which are in the Emirate of Abu Dhabi, 94 branches in Dubai, 34 branches in Sharjah, 14 branches in Ajman, eight in Ras Al Khaimah, five branches in Fujairah, and three branches in Umm Al Quwain".

smart solutions

Al-Ansari stressed, “The global health crisis has contributed to promoting digital transformation and resorting to smart and electronic solutions, especially in light of the imposition of many governments, curfews and remote work procedures,” noting that the “Al Ansari Exchange” application completes more than 15% of transactions. , equivalent to 212,000 transactions per month.

Regarding the countries that receive the most remittances from residents of the UAE, Al-Ansari pointed out that "India is at the forefront among the most prominent corridors of remittances out of the UAE, followed by the Philippines in second place, then Pakistan and Egypt."

Cryptocurrency

Regarding the expansion of digital currencies and the increasing demand for them, Al-Ansari said: “We cannot evaluate any mechanism that the UAE Central Bank does not put within strict regulations and regulations that guarantee complete transparency and protect the public interest.”

He stated that "the working model of digital currencies is completely different from our current model, and we do not consider it a threat to the money transfer sector or traditional banking. In the future, if this technology is introduced within the rules of the Central Bank, we may be able to apply it or include it within our services provided."

Social Responsibility

In a related context, Al Ansari affirmed his company's commitment and keenness to develop its social responsibility and continue to work to support the efforts made. In recent years, the company has donated more than 100 million dirhams to support the health and educational sector inside and outside the country.

He stressed that the UAE stands today at an important stage during which it is preparing to enter a new phase of comprehensive renaissance, under the directives of our wise leadership in creating a future that befits the name of the UAE.

Al-Ansari continued, "We affirm our commitment to support the national trend towards achieving exceptional economic gains that are in line with the ambitious aspirations of bringing our country to the forefront of the world."

• «Al Ansari Exchange» supported social responsibility efforts with more than 100 million dirhams.

• «We acquire 35% of the market share of the exchange sector in the UAE».

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