The Wages Protection System (WPS), introduced by the Department of Labour and the Central Bank of United Arab Emirates (UAE) in May 2009, processed salary payments for 60% of all workers in February 2011. This is a significant increase from a figure of 1.2% in October 2009.
Speaking on a panel session at the Money Transfer Dubai conference, organised by the International Association of Money Transfer Networks (IAMTN), two of the foremost members of the exchange house community in UAE, Mohamed Al Ansari and Osama Hamza Al Rahma, described in more detail the specific opportunities and initiatives that the exchange houses have undertaken to capitalise on the initiative.
This was one a number of highly informative and interactive sessions at this regular event for the money transfer industry in the Gulf and Asia regions. Key topics concerning regulation, new technology (including mobile and online payments), anti-money laundering and innovation were also covered. The audience heard from a range of speakers including representatives from the Central Bank of the UAE, the Central Bank of Russia, World Bank, and US Department for Homeland Security, as well as from a broad range of industry experts.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.