KUWAIT: Aman Exchange, the new entrant to the Kuwait money remittance business, yesterday opened its 7th branch in Kuwait in the prime location on Issa Al-Qatami Street in Salmiya. Indian Ambassador Sunil Jain officially inaugurated the branch in the presence of Aman Exchange General Manager Adel Yousef Al-Muzaini, Philippines Ambassador Renato Perdro Villa, Nepalese Ambassador Yagya Bahadur Hamal, E D Titus, Head of Operations, Aman Exchange and Mohamed Al-Sager, Owner Alyasra Group  & Shareholder Aman Exchange.

Prior to the official inauguration, Aman Exchange hosted an introductory session over breakfast at the Movenpick Hotel, Salmiya. Uzbekistan Ambassador to Kuwait Diyor Rakhmanov, Bangladesh defense attaché in Kuwait Maj Gen Nasimul Gani, Indian Embassy Second Secretary (Press and Information) A K Srivastava, Dr Gargi Jain and many Kuwaiti and Indian dignitaries were among those who attended the meeting. Titus, who looks after the operations of the company, presented an overview of the global remittance industry focusing on fast-developing trends in the money exchange industry in Kuwait.

Remittance industry

Titus said the global remittance industry is growing at a fast pace today with a 250-million-strong immigrant population across the globe that is projected to do $600 billion worth of transactions in 2016. In 2014, India topped the countries in global remittances with $70 billion worth of transactions followed by China with $65 billion. The other countries in the top list are the Philippines ($30 billion), Nigeria ($25 billion), Mexico ($25 billion), France ($25 billion), Germany ($20 billion), Pakistan ($20 billion), Lebanon $10 billion and Spain $10 billion.

"We focus on bringing a premium service to remitters in terms of speed, commission and rates. With the advent of new technology available in the market, it is possible to provide a better service to the remitter and make the entire process of remittance a hassle-free experience," Titus said.

Aman Exchange places great importance on compliance and KYC as required by the regulators. An advanced system of data collection keeps the data of the customer up to date and always available on demand to the management. Over the past six months, Aman Exchange opened six branches in Kuwait. Starting with Farwaniya at Megatheer Mall, the next one was the Fahaheel branch, followed by branches in Hawally on Tunis Street and another on Beirut Street. In the subsequent months, two more branches opened, one in Hasawi in Jleeb Al-Shuyoukh and another premier branch at the Avenues Mall opposite to the popular Carrefour hypermarket.

Having started operations in Kuwait in July 2015, the inauguration of the seventh branch in a short span of six months signals one of the fastest expansions by any exchange company in Kuwait. "With three more branches slated for opening in Feb 2016, Aman is on a target to become a major player in the industry," said Titus.

Muzaini manages the company while Titus looks after the operations of the company. Both of them come with over 25 years of experience in the money exchange industry. Aman Exchange has opened correspondent relationships with major banks in India, Egypt, Sri Lanka, Bangladesh and the Philippines. The company also serves the remittance needs of its customers to the GCC, Americas, Europe and Africa. With a vibrant currency handling department, the company offers all major currencies in cash in Kuwait, Titus informed. With a distinct red and blue logo, Aman Exchange is set to make a difference in terms of service and competitive rates in the Kuwait market, he added.

By Sajeev K Peter