History and Background
The Foreign Exchange and Remittance Group [FERG] is a non-profit organization based on the initiative of the Central Bank of UAE. FERG comprises of companies engaged in the business of money exchange and remittances, from largesized companies with over 100 branches, to single-branch outlets to join a common platform and work towards mutual benefits.
The initiative to form the Foreign Exchange & Remittance Group (FERG) started back in 2003 when some of the largest leading exchange companies decided to come together and hold regular meetings in order to discuss the current market situations, opportunities and threats facing this industry. This initiative gained momentum with the Central Bank Governor calling a meeting of all leading exchange companies in January 2004, to discuss all challenges facing this industry. One of the important outcomes of this meeting with the Governor was the initiation of the Steering Committee, comprising of ten leading exchange companies, which relentlessly worked towards connecting the majority of UAE’s exchange companies to a common platform.
Over the next couple of years, the Steering Committee held regular meetings and took up issues with various regulatory and government authorities such as the Central Bank of the UAE, Reserve Bank of India, Dubai Police, Human Resources Committee for Emiratization and others, with an objective to facilitate easier operational norms and create an improved business environment for UAE’s money exchange. Over time, more exchange companies joined the Committee as Rotating Members to strengthen it and make it more flexible.
The efforts of the Committee to register the Foreign Exchange & Remittance Group (FERG) were successful with its registration in Dubai Chamber of Commerce & Industry in October 2008.
FERG’s first General Body meeting was held on 29th November 2008. The number of members has since grown to 70 and aggregately covers more than 90 percent of all money exchange and remittance business in the UAE. Meetings of the Representative Committee and its members are held at regular intervals.
FERG is registered with Dubai Chamber of Commerce & Industry, the body concerned with patronizing and supporting various activities of the private sector in the United Arab Emirates.