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Banks need to innovate to catch up with remittance disruptors
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Banks need to innovate to catch up with remittance disruptors
Non-traditional remittance players are giving banks and exchange houses a run for their money as they compete on the basis of speed and costs. Last month EmiratesNBD announced that it will start charging for remittances to certain countries. According to Mohammad El Saadi, the vice president of Careem Pay, banks and exchange houses dominate the remittance market today but they “need to change” how they operate if they want to remain competitive …
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