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Last update08/06/2018

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Are you an entrepreneur with a brilliant idea, but not enough money to turn your idea into a profitable finished product or service?

While banks may have teams dedicated to financing Small and Medium Enterprises (SMEs), that option may not be suitable for entrepreneurs just starting a business. To mitigate their own risk, banks will ask for guarantee or collaterals. These are difficult for entrepreneurs to furnish early in the business cycle.

So what can you do? 

Crowd Funding new

You can try other practical alternatives to bank finance. One such great option is crowdfunding. Having emerged as a saviour for start-ups with promising ideas, crowdfunding attract small denomination capital from many people. All you have to do is, use technology to pitch your ideas to a large audience. The crowdfunding revolution was sparked by the very successful Kickstarter.com, which by November 2016 had funded over 115,745 successful projects and raised over USD 2.7 billion in pledged money.

Crowdfunding comes in three basic flavours – donation or reward-based, debt-based, and equity-based. Reward-based crowdfunding, as popularised by Kickstarter.com, sees investors give money to promising ideas based on the premise that the project creator will reward them with finished goods and services. For debt-based crowdfunding, the creator or entrepreneur promises to pay back the money borrowed. Meanwhile, equity-based crowdfunding sees the entrepreneur give away a stake in the business to each contributor.

UAE based start-up Beehive enables debt-based peer-to-peer lending. The idea is that investors lend money to promising businesses, and get returns on the capital they have invested. Start-ups benefit from lower capital-raising costs, while investors enjoy higher than average rates of return.

On the other hand, UAE based start-up Eureeca uses technology to enable its investor network to buy shares in promising businesses. These investors range from friends, family and casual investors to angel investors, venture capital funds and institutional investors.

Crowdfunding isn’t the only venue available to entrepreneurs. But it certainly is helping plug a large financing gap. The International Finance Corporation (IFC) estimates a USD 2.7 trillion gap in funding for Micro, Small and Medium Enterprises (MSMEs) in developing countries alone, with the MENA region alone needing an additional USD 320 billion in credit for MSMEs.

So if you’re in the early stages of bringing your start-up to life, try crowdfunding. It’s a powerful addition to your capital-raising toolbox.

Muscat, 29 August 2016: Oman UAE Exchange, one of the leading remittance and foreign exchange brand in the Sultanate of Oman, announced the opening of its new branch in Sinaw, increasing the total number of its branch network in the Sultanate to 53. Customers can now walk-in and choose from a repertoire of services like instant bank transfers, instant money transfers and foreign currency exchange.

Speaking on the occasion, Boban MP, Chief Executive Officer, Oman UAE Exchange said: “We have always been at the forefront in providing prompt and customised financial solutions to our customers. It is this connect that has led the brand to be nominated for the ‘Best Brand 2016’ under the Exchange House category in the country. The opening of the branch reinforces our commitment to bring financial services closer to our customers and is in line with our expansion strategy.”

Oman UAE Exchange branch at Sinaw

Strategically located in the city of Sinaw and spaciously designed with five counters; the new branch with its experienced staff, strong technology and streamlined processes will help facilitate increased interaction with customers. Strong correspondent banking relationship with over 70 banks across the globe adds to its might.

One of the popular services of the brand among the expatriates is FLASHremit. It enables them to conveniently transfer money real-time, directly to their beneficiary account in a secured manner. Once the account is credited, the sender receives an instant SMS notification. At present, this service is available for customers having their bank account in State Bank of India, State Bank of Travancore (India), Federal Bank (India) and Islami Bank Bangladesh Limited (IBBL) in Bangladesh. Association with other banks for this service is in the offing.

The new branch will operate from 8:30 a.m. to 12:30 p.m. and 4:30 p.m. to 8:30 p.m. all days of the week.

Rescue the Big Cat!

Friday, 14 September 2018

Emitting a sublime aura, the gorgeous tiger mesmerises us while strolling around with its bold golden coat, black stripes, amber eyes and strong physique. These glorious creatures are sadly on the verge of extinction now.

On this International Tiger Day, let’s take these three practical steps to help save the magnificent tigers.

  1. Be a responsible tourist. Experience wildlife without polluting or disturbing the ecosystem.
  2. Don’t buy products made from poached tiger parts. Report poaching activities to the concerned authorities. This will help prevent wildlife trade.
  3. Lend voice to the tigers. Reach out to the public and policy makers about the benefits and importance of habitat conservation for tigers.

What steps have you taken to rescue this big cat?

Tigerday

Muscat, 25 July 2016: Oman UAE Exchange, one of the leading remittance and foreign exchange brand in the Sultanate of Oman, announced the relocation of one of its branches. Officially inaugurated, the new branch premise is strategically located at Sara Al Jadeed, Opposite to Al Buraimi Hotel, Buraimi. The move is part of the brand’s expansion strategy and will provide customers easy access to their financial needs.

Customers can walk-in and choose from a repertoire of services like instant bank transfers, instant money transfers/overseas cash pay-outs and foreign currency exchange. With five counters in the branch, they will receive prompt and personalised service with minimal time and least hassles.

Oman UAE Exchange Relocates at Buraimi

Speaking on the occasion, Boban MP, CEO, Oman UAE Exchange said, “The branch relocation is in line with our ongoing branch expansion drive and reaffirms our commitment to provide greater convenience, customised services and value additions to the customers.”

Although, the location has changed, the service hasn't. The branch, with its experienced staff and enhanced technology, will operate from 8:30 a.m. to 12:30 p.m. and 4:30 p.m. to 8:30 p.m. all days of the week.

Oman UAE Exchange had some eventful updates the last quarter:

  • The big news is that Oman UAE Exchange opened its first single window branch in Lulu Hyper Market in Sohar!

Lulu mall branchLulu mall branch opening

  • Joining over 1500 loyal customers, Oman UAE Exchange sponsored and organised the Soorya Festival, a musical event in Muscat during April 2016.

sooryaSoorya Festival 2016

  • Recognising that no job is too small, Oman UAE Exchange team visited labour camps, met taxi drivers and sub staff, and presented them with sweets and other gifts on International Labour Day.

Labour DayLabour Day 2016

Abu Dhabi, 12 June 2016: UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, dedicates the month of June to reward customers for their loyalty to the brand. As part of this, the brand launched ‘Customer Loyalty Month’, a month-long campaign to appreciate and thank customers for their continued patronage.

Speaking on the occasion, Promoth Manghat, CEO, UAE Exchange said, “Customers’ needs have evolved over the years. Today they are empowered with choice, making the market competitive. In such a dynamic economic landscape it is important to protect, retain and nurture the loyal customer base for the sustainability of an organisation. We, at UAE Exchange, have always invested and channelised our energies to enhance customer experience and they have encouraged us by exhibiting their loyalty to the brand. This initiative, across our operations globally, is our way of thanking and rewarding customers for their patronage and reinforcing our commitment to go that extra mile to improve our value addition to them.”

Customer Loyalty Month Oman

Celebration in Oman

Customer Loyalty Month BahrainCelebration in Bahrain

Customer Loyalty Month QatarCelebration in Qatar

CLM MalaysiaCelebration in Malaysia

CLM JordanCelebration in Jordan

CLM MoroccoCelebration in Morocco

CLM KenyaCelebration in Kenya

CLM USCelebration in USA

Customer Loyalty Month UAECelebration in UAE

Loyal customers are one of the primary elements that pave the path for the success of an organisation. To honour loyal customers, UAE Exchange will conduct various promotions and contests as part of the celebration that ends on 30 June 2016. Customers transacting during this period can avail special offers and also stand a chance to win exciting prizes.

About UAE Exchange

UAE Exchange commenced its operations in 1980. Today, it has grown into a leading global remittances, foreign exchange and payment solutions brand. Headquartered in Abu Dhabi, the brand has spread its footprint across the world. With close to 800 branches spread across 31 countries in 5 continents, it has emerged as the widest globally networked remittance brand. Strong correspondent banking relationship with over 140 global banks and smart technology add to its might. Over 9000 professionals, representing more than 40 nationalities, strive to achieve excellence and bring delight to more than 13.2 million customers worldwide. UAE Exchange is an ISO certified brand and member of prestigious global associations, recognised and awarded for its quality and business excellence. For more information, please visit: http://www.uaeexchange.com, https://www.facebook.com/uaeexchange or http://www.uaeexchangeblog.com/. 

 

Manama, 2 June 2016: It is said that beauty with brains is a rare combination but, last evening the Indian Club in Manama, the Kingdom of Bahrain, was filled with striking looks, elegance, talent and intelligence together. 13 gorgeous beauties from across the globe sashayed the ramp at the UAE Exchange May Queen 2016 beauty pageant.

Shyann Horton from Mumbai was announced as the winner after winning all the four rounds in the competition. Vineesh Kumar, General Manager, UAE Exchange – Bahrain presented her with a sash and crown. She was also adjudged with the title of ‘Best Hairdo’ and ‘Best Walk’.

UAE Exchange May Queen 2016Vineesh Kumar, General Manager, UAE Exchange – Bahrain presenting the crown to Shyann Horton, winner of UAE Exchange May Queen 2016

The august gathering, of over 500 people, was left spellbound when the curtain to the spectacular evening was opened. Dressed in casual, the contestants made their grand entry with the distinctive sound of the Harley Davidson bikes being ridden onto stage by The Bahrain Desi Riders. The contestants then donned ethnic and party attire for second and third rounds. Seven finalists were selected for the last Q&A round with the judges.

Hosted by Anand Lobo, the evening also witnessed traditional and international dancers gyrating to DJ Andy and his music. A BMW 6 Series Convertible motor car was also on display.

Pradnya Walke and Sharada Chamur, both from Mumbai, were named first and second runner up respectively, while Deshi Fernando from Sri Lanka won the title of ‘Best Smile’.

Every year America loses USD 300 million to Jamaican lottery scams. These scammers launder their loot to fund organised criminal and terrorist activities that ruins several lives across the world. According to PWC research, global money laundering transactions are estimated at 2 to 5% of global GDP which is around USD 1 to 2 trillion annually.

In today’s globalised economy, people migrate far and wide on account of their jobs and businesses. The Americas, Europe and the Middle East attract global talent, serving as expat hubs with high remittance outflows. The expats in these continents regularly transfer money back home. Carefully observing the money movement, financial fraudsters trick the innocent victims into scams, milking them off their hard earned money.

remittance oman

Big question now!

How do you safeguard yourself from such scams? We’ll tell you how. Keep the below 4 pointers in mind while sending money.

  • Be vigilant and beware of the usual fraud traps such as lottery claims, job promises, relative in need and charity scams
  • Transact only through reliable money transfer companies that have implemented proven Compliance and Monitoring Systems
  • Enquire if your remittance provider is a specialist in Suspicious Activity Monitoring, Customer Due Diligence, Know Your Customer (KYC) implementation along with Watch List Filtering capabilities
  • If you are solicited with a call or email from an unknown source to transfer money, seek assistance from a reputable money transfer operator to ensure you don’t become a victim.

It is the duty of money transfer operators to proactively recognise such scams, and people who send money should help them identify such threats. For instance, recently Oman UAE Exchange has installed smart card readers in all their 52 branches to track customer transaction. Customers will have to provide their resident and identity card, to be scanned by smart card readers at the exchange house while remitting or exchanging money. This service will establish and electronically record the identity of the remitter, thus preventing money laundering and help avert financial scams.

UAE Exchange has more than 35 years of experience in the remittance and foreign exchange industry, and understands the importance of a robust compliance system. The brand has effectively implemented Anti-Money Laundering (AML) Sanction Screening, Customer Due Diligence and Transaction Monitoring Systems in all branches across the globe. They have also deployed best-in-class systems to track money laundering and for fraud management.

Money transfer scam is a part of a larger organised crime that is aimed at weakening economies across the globe. As money remitters, we should step up and do our due diligence in ensuring we are cautious, and report any such suspicious event and solicitation that we encounter.

Muscat, March 18, 2016: Sending money back home just became easier for the residents of Sohar. Oman UAE Exchange officially reopened its branch at the Lulu Hypermarket in Sohar, Oman. The refurbished branch offers the customers with financial services like instant bank transfer, overseas cash payouts, foreign currency exchange among others.

Oman UAE Exchange at Lulu Hypermarket in Sohar

Oman UAE Exchange reopens its branch at Lulu Hypermarket in Sohar. Mr. Boban MP, CEO, Oman UAE Exchange (left) cutting the ribbon.

Speaking on the occasion, Boban MP, CEO, Oman UAE Exchange: “We are happy to announce the reopening of our branch in Sohar region. With better technological processes and improved service offerings, this move reflects our commitment to bring ‘convenience’ a step closer to our valued customers.”

Oman UAE Exchange had recently tied up with three Indian banks - State Bank of Travancore, State Bank of India and Federal Bank - for FLASHremit, a real-time account credit facility. The instant bank transfer service enables Indian expatriates to transfer money directly to their beneficiary having account in any of the above banks anywhere in India.

Muscat, January 27, 2016: With an aim to make money transfer a seamless experience for its customers, two entities came together to join hands. Oman UAE Exchange partnered with State Bank of India (SBI), one of India’s largest and trusted public sector banks, for FLASHremit, a real time account credit facility. With this facility, customers residing in Oman can instantly transfer money to any SBI account in India in a secured manner.

uae exchange sbi

Commenting on the strategic tie-up, Boban MP, Chief Executive Officer, Oman UAE Exchange said, “Our partnership with State Bank of India is another step towards bringing convenience and value to our customers remitting to India. The FLASHremit service empowers the customers to transfer money to their loved ones in real time. Another value-add service being provided to the customers is the instant SMS notification that will reach both the sender and receiver once the amount is credited.”

“Oman is emerging as a strong market in the remittance industry. We are glad to partner with Oman UAE Exchange as the integration of FLASHremit in our bouquet of services will enable the customers to remit home in a more convenient, instant and secured manner,” said J.V. Ramanan, Deputy General Manager (GLS), State Bank of India.

About Oman UAE Exchange

Oman UAE Exchange was established in 1995. It is the Oman arm of UAE Exchange, the leading global remittances, foreign exchange and payment solutions brand. In a very short span of time, Oman UAE Exchange has expanded its branch network to 52 branches in the country. It addresses multiple financial requirements of a customer like money transfer and foreign exchange from a single point. Oman UAE Exchange holds a license from Central Bank of Oman, an ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007 certification. It has also been conferred with various awards and accolades including the world’s most important business recognitions, THE BIZZ for the year 2015.

About State Bank of India

State Bank of India (SBI) is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Company provides Domestic Operations, International Operations and Treasury Operations. SBI group consists of SBI and five associate banks. The group has an extensive network, with over 22000 plus branches in India and over 190 offices in 36 other countries across the world. As of September 31, 2015, the group had assets worth USD 432 billion and capital & reserves in excess of USD 25 billion. The SBI has over 1/5th market share of the Indian banking sector. SBI's non- banking subsidiaries/joint ventures are market leaders in their respective areas and provide wide ranging services, which include investment banking, life insurance, general insurance, mutual funds, credit cards, factoring services, security trading, etc making the SBI Group a truly large financial supermarket and India's financial icon. The bank has over 16,000 domestic branches, 200 foreign branches and close to 57,000 pan-India ATMs.

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