From Krishnan Nayar
NEW DELHI, 24th June, 2020 (WAM) — Aiming to partner FinTech companies in India and Dubai in dealing with the changing landscape of payments and remittances, the Dubai Chamber of Commerce and Industry today hosted a webinar which was attended by financial services companies and members of the startup ecosystem in both places.
Explaining the rationale behind today’s webinar, Salman Jaffery, Chief Business Development Officer of the Dubai International Financial Centre, DIFC, said Indian firms were among the first to establish a presence at the DIFC.
“India remains a crucial market for the DIFC,” he added. The DIFC partnered in the webinar along with Dubai Startup Hub, the entrepreneurship arm of the Dubai Chamber.
Sameer M Nawani, Chief Representative in India of the Dubai Chamber, said in his introductory remarks that global remittances constitute a US$ 600 billion business, in which India is the largest recipient of remittances.
The UAE contributes 27 per cent of total remittances to India. Overall, the Middle East accounts for over 50 per cent of remittances to India.
Nawani said “the changing landscape of payments and remittances led by FinTech companies opens up new opportunities.”
Among the panelists were Jon Santilan, Founder at Denarii Cash, a Dubai-based platform that provides fast, low-cost international payments and helps overseas workers to send money home. The company won the first prize at the Dubai Smartpreneur 2019 from among more than 1,000 competing firms.
Other participants were Vishal Anand Kanvaty, Chief of Market Innovation at the National Payments Corporation of India, the umbrella organisation for all retail payments in India and Saurabh Jain, Vice President of Paytm, an Indian e-commerce payment system and financial technology company.