UAE Exchange targetting $7.5 bn remittance business from India

KOCHI: UAE Exchange, a leading player in money transfer business, today said it was targetting USD 7.5 billion remittance business from India this year.

The company was growing at the rate of 8-10 per cent and last year carried out USD 19 billion remittance globally of which USD 6.7 billion came to India, of which 30 per cent to Kerala mainly was from the Gulf, UAE Exchange Chief Operating Officer- Global Operations Y Sudhir Kumar Shetty told reporters here.

As per world bank estimates, the total remittance business globally was USD 64.7 billion in 2011, he said.

The exchange had plans to expand its footprints to 54 countries by 2014 and said it was looking at Europe, South Amercia and Africa.

It already has presence in 30 countries world wide and plans to add 24 centres by 2014.

Shetty opened a global contact centre of the exchange here which has been designed to international standards in a 15,000 square feet space and can accomodate 300 executives.

He said the company has plans to start similar contact centres in Chennai and Manila.