To strengthen relationship and collaboration in the foreign exchange and remittance sector between the UAE and Kuwait.

The Foreign Exchange and Remittance Group (FERG) announced today that it signed a Memorandum of Understanding (MoU) with Kuwait Union Exchange Company to further strengthen collaboration between both entities.

The MoU was signed by Mohamed A. Al Ansari, Chairman of FERG, and Abdullah AlMulla, Chairman of the Board of Directors of Kuwait Union Exchange Company. The signing ceremony was attended by Adeeb Ahamed Vice Chairman of FERG alongside a number of senior officials from both parties.

Under the MoU, both organisations will leverage each other’s experiences to realise common milestones and share best practices in the foreign exchange and money remittance industry to help advance inclusive and sustainable development. This includes holding vital discussions on the current market conditions, exploring opportunities and addressing challenges in the sector. It will also be devised as a platform to consolidate and simplify operational strategies, compare analytics and market trends, share global compliance regulations and exchange best practices in tackling issues of fraud, risk management and anti-money laundering.

Mohamed A. Al Ansari commented: “We are delighted to sign the MoU with Kuwait Union Exchange Company and are confident that this partnership will positively impact the foreign exchange and money remittance sector of both countries. We look forward to working together to exchange best practices and discuss matters of mutual interest.”

Kuwait Union Exchange Companies statement

Additionally, and as part of this partnership, joint workshops will be organised on topics such as Anti-Money Laundering and Combating Terrorism Finance (Basic & Advanced), Counterfeit Currency & Prevention of Fraud, Risk Management, and Ethics and Integrity.

The Foreign Exchange and Remittance Group (FERG) is a non-profit organisation that was formed under an initiative by the Central Bank of the UAE. The group comprises of companies that are engaged in the foreign exchange and remittance sector.

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