JRG International DMCC today unveiled a pioneering multi-currency cash management and transfer system in partnership with UAE Exchange, the leading global remittance and foreign exchange brand in the UAE, offering investors on Dubai Gold and Commodities Exchange (DGCX) a fully-compliant, flexible and transparent funds transfer mechanism which can be accessed from anywhere in the world through UAE Exchange branches.
Launching the Global Cash Management and Transfer (GCMT) system, JRG International, one of the leading commodity brokerage entities from the UAE and trading & clearing member of Dubai Gold and Commodities Exchange (DGCX), said, the new initiative is in line with its strategic objective of bringing cutting-edge financial solutions to the investor community following the global financial meltdown.
Addressing a press conference, Mr. Y. Sudhir Kumar Shetty, COO - Global Operations, UAE Exchange, said: "Our partnership with JRG International on GCMT system comes as a value addition to our existing remittance services; it is also a new step ahead for the UAE Exchange in expanding its reach to the investor community across the world. Further, it allows us to contribute to the UAE economy by supporting investment flows to the country.
Both JRG International and UAE Exchange have found significant synergy in joining hands on Global Cash Management and Transfer System. The combination of our strengths – JRG International's focus on innovation in brokerage services and our time-tested efficiency and transparency in funds transfer across the world with a network of almost 490 branches in 22 countries across five continents – will bring great advantage to investors in managing their trading transactions," he said.
GCMT was launched under JRG International's strategic programme – Global Secured Investment Transaction System (GSIT), in the presence of the Consul General of India, Dubai, Mr. Sanjay Verma. GSIT aims to conceive and introduce new models of regulation-compliant and fool-proof trading transaction systems to the investment world. Under this initiative, JRG International last year launched its successful Client Segregated Bank Account System for DGCX investors.
Mr. Sajith Kumar P.K, Director and CEO, JRG International, said: "GCMT system is yet another radical financial solution from the JRG International portfolio, developed to support and nurture confidence among investor community at a time when the financial world is passing through a tumultuous phase following the crisis. By combining transparency and quick efficiency to fund transfers, GCMT aims to complement the growth potential of online commodity/Forex trading on DGCX. In this endeavour, we have partnered with the UAE Exchange because of their capability in seamless fund transfer."
He said GCMT empowers global investors by providing a flexible cash transaction solution that is quicker in delivery. Making funds available quickly for trading along with taking the right investment decisions was very important in times of economic fluctuations.
"The system is investor friendly and allows easy fund transfers directly to DGCX beyond banking hours and even on regional holidays. We are confident that GCMT will contribute significantly to the growth of DGCX online commodity trading and will become an investment gateway to the UAE," he said.
JRG International and UAE Exchange also introduced an 'Investor Gold Card,' which can be used to access GCMT services. The 'Investor Gold Card' was launched by Mr. Hazza Bin Mohammed, Chairman and MD, JRG International, who said: "JRG has always been in the forefront in developing cutting-edge financial solutions in response to market needs and the changing dynamics of commodity trading. GCMT is the latest innovative transaction tool, which will add value to the global online trading process."
Commenting on the new investment transaction innovation, Mr. Babu K. Lonappan, Director, JRG International said: "JRG has always believed in developing solutions that are fully compliant and regulated under global financial norms and GCMT reaffirms our focus on transparency and customer protection. Our systems seek to protect the trader, secure his investments through prudent financial tools and in turn maximize returns from investments."
Mr. Hossam Abd El-Rahman, Managing Partner of Allied Compliance Consultants and the Global Industry Advisory Panel Member, JRG International Brokerage DMCC, presented the compliance point of view of GCMT and vote of thanks was delivered by Mr. Anoop P. S. Vice President, JRG International Brokerage DMCC.
Mr. Saeed Obaid Al Dhaheri, Director, JRG International Brokerage DMCC and Mr. Sanad Mohammed Humaid Alsawafi, Director JRG International Brokerage DMCC were also present at the event.
