The ‘Money Transfers Dubai Conference 2010’ (MTD 2010), a well-established platform for discussing business developments, regulation and other areas of interest on international money transfers, opened today (March 22, 2010) at the Dubai Emirates Towers. Organised by the London-based International Association of Money Transfer Networks (IAMTN), for the third year in a row, the event is focused on helping businesses succeed in today’s highly competitive environment. The conference will address the impact of the economic crisis on the money transfer industry, the aftershocks and the new challenges faced by the Middle East market.
Among the main issues to be discussed at the event are the results of the mandate to provide salaries through a payroll account, which was implemented a year ago, and its implications on the money transfer industry. Focusing on the Gulf, the conference will examine the UAE Wages Protection System (WPS) in a discussion, which will be led by Mohsin Ali Saeed Al-Nasi, Director of Inspection Department in Abu Dhabi and Director of WPS Office, along with officials of the UAE Central Bank. Other speakers lined up for the event include Massimo Cirasino, Head of the Payment System Development Group, The World Bank; and Leon Isaacs, Managing Director, IAMTN.
Speaking at the sidelines of the event, Leon Isaacs, Managing Director, International Association of Money Transfer Networks (IAMTN) said, “The GCC region has over 12 million expatriates and is the second largest source of private financial transfers, after only the US. While there has been a slight decline in the remittance business in the last year, which was mainly driven by many expatriates returning to their native countries, we are anticipating a perceptible improvement in the remittance business in 2010. This conference provides a platform to discuss regulatory issues and the latest business developments in money transfers through a panel discussion, which presents excellent insights to those who will attend.”
A significant percentage of the GCC’s USD 40 billion remittance is transferred by the 4.5 million expatriates residing in the UAE – a fact that makes Dubai a fitting location for the ‘MTD 2010’ conference. The event is attended by representatives from international organisations, exchange houses, mobile and card payment operators, traditional money transfer companies, national banks and other regulators, and other businesses servicing the industry, who are expected to benefit from talks on the use of technology and the inflow of banks and other service providers into WPS. ‘MTD 2010’ also aims to give an opportunity to the attendees to discuss the challenges and opportunities that can strengthen the remittance business.
In addition to representatives from industry leaders and umbrella organisations, government officials from relevant departments are also at the event, including Nadeem Bhurgri, Remittance Marketing Head, Pakistan Remittance Initiative; and P.T.S. Kumar, Deputy Director General, Department of Posts, Ministry of Communications & IT, Government of India. Further, delegates from leading global and regional organisations such as Sobia Rahman, Regional VP, Pakistan, Afghanistan & Gulf, Western Union; Shekhar Nair, SVP International Business Development, Commercial Bank Unistream; and Robert Meins, Remittances Specialist, Financing Facility for Remittances, IFAD, are also in attendance.
“This event holds tremendous potential to strengthen the money transfer industry by discussing best practices and standardisation, and the injection of vital technological advancements into the companies’ individual systems. Looking at the impressive list of speakers and confirmed guests, we are confident that this year’s event will record a resounding success,” concluded Isaacs.
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