The Dubai Chamber of Commerce and Industry (DIFC) hosted a webinar to discuss the changing landscape of remittances and payments. The webinar, organized with a goal to collaborate with Dubai and Indian FinTech companies, was attended by financial services and startup community participants from both places.
Dubai International Financial Center, DIFC partnered with Dubai Startup Hub, the entrepreneurship supporting initiative from the Dubai Chamber for the webinar.
“India remains a crucial market for the DIFC,” said Salman Jaffery, Chief Business Development Officer of the Dubai International Financial Centre, DIFC, as he spoke about how Indian firms were one of the first to establish its presence at the Dubai International Financial Centre.
“The global remittances constitute a $600 billion dollar business in which India is the largest recipient of remittances”, remarked Sameer M Nawani, Chief Representative of the Dubai Chamber in India.
The Middle East accounts for more than 50% of remittances to India with UAE contributing 27% of its total remittances.
Nawani added that the “changing landscape of payments and remittances led by FinTech companies opens up new opportunities.
Jon Santilan, Founder at Denarii Currency, a Dubai-based portal that provides quick, low-cost foreign payments and allows overseas workers to send money home, was a part of the panel. The business won the first prize at the Dubai Smartpreneur 2019 from among more than 1,000 participating companies.
The event also witnesses the participation of Vishal Anand Kanvaty, Chief Market Innovation Officer at the National Payments Corporation of India, an umbrella organization for all retail payments in India, and Saurabh Jain, Vice President of Paytm, an Indian e-commerce payment system and a financial technology company.
