Foreign Exchange and Remittance Group

What Foreign Exchange and Remittance Group does

Foreign Exchange and Remittance Group (FERG) is a non-profit industry association based in Dubai, UAE, representing money exchange and remittance companies operating in the country. Founded in 2003 as an initiative led by the Central Bank of the UAE and formally constituted in 2008, FERG operates as a collective platform for 56 member companies ranging from large multi-branch operators to single-branch outlets, collectively running over 1,000 branches and processing approximately $30 billion (AED 110 billion) in annual remittances.

FERG's core service offering centers on industry representation, regulatory liaison, and compliance enablement. Its products and programs include an AML/CTF training and workshop program (over 130 workshops conducted, training more than 10,000 industry employees), the Annual Financial Crime Summit (AFCS) now in its 13th edition, the AML Standardization Manual launched in 2018, Annual General Meetings, quarterly newsletters, and annual reports. The association works closely with the Central Bank of UAE, the Ministry of Labor, Dubai Police, and the Dubai Chamber of Commerce and Industry on policy advocacy, including successful interventions such as reducing Indian correspondent bank guarantee requirements from 3 days to 1 day.

FERG is funded and governed by its member companies and does not generate revenue from end-user remittance services. Pricing for member services is not publicly disclosed. Revenue mechanics for the association itself are not disclosed in available sources. Its GTM motion is relationship-driven, executed through conferences (AFCS, AGMs), workshops, newsletters, and direct regulatory engagement. FERG does not sell a software or technology product and has no API, AI, or proprietary technology stack disclosed; its value is institutional and reputational rather than technological.

Name

Foreign Exchange and Remittance Group

Legal name

Foreign Exchange and Remittance Group

Website

https://ferguae.org

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

FERG is a Dubai-based non-profit industry association founded under the Central Bank of UAE initiative, representing 56 money exchange and remittance companies operating over 1,000 branches and $30 billion in annual remittances through training, advocacy, and regulatory liaison.

Ownership category

akta.pro rank

Product category

Industry Trade Association

SIC

Services-Membership Organizations (8600)

akta.pro primary industry

Remittances & Retail FX (Consumer Cross-Border) (FSABAAAK)

akta.pro secondary industries

Consumer Remittances (P2P) (FSAMAIAA), Financial Crime Compliance (AML/KYC/Sanctions) (EDABADAD), Financial Crime, AML/CFT & Sanctions Compliance (BPAHAFAE)

Keywords

• Industry association services
• Remittance industry representation
• AML compliance training
• Regulatory advocacy services
• Anti-money laundering workshops

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Technology or R&D, Others

Distribution channels1 record

Marketing channels5 records

Core offering

Foreign Exchange and Remittance Group (FERG) is a non-profit industry association that provides collective industry representation, regulatory advocacy, and AML/CTF compliance training for money exchange and remittance companies in the UAE. It offers membership services to 56 member companies, conducts over 130 training workshops, hosts the Annual Financial Crime Summit (AFCS), and liaises with the Central Bank of UAE, Ministry of Labor, and law enforcement on policy and compliance matters.

Product overview

The Foreign Exchange and Remittance Group (FERG) is a non-profit industry association, not a product company. FERG operates as a unified platform for UAE money exchange and remittance companies, offering membership services, AML training programs, the Annual Financial Crime Summit (AFCS), newsletters, annual reports, and policy advocacy with regulators. The organization does not offer traditional software products but provides member services including training workshops, industry conferences, regulatory liaison, and knowledge-sharing platforms to its 56 member companies who collectively process over $30 billion in annual remittances.

Differentiator

Problem solved

Functional benefit

Products and services

• FERG Industry Membership Membership-based non-profit industry association representing UAE money exchange and remittance companies, providing a unified platform for regulatory engagement, advocacy, and collective industry representation.
• AML/CTF Compliance Training Workshops

Quantifiable outcome

• Over $30 billion (AED 110 billion) worth of remittances processed annually through member network
• +2 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core, moderate and minor.

• Dubai PolicecoreStrategic or Co-development PartnerFERG has a formal signing ceremony with Dubai Police for cooperation in combating dubious financial transactions. FERG regularly liaises with police departments to assist in investigations related to anomalies in financial transactions and suspicious activities.
• Central Bank of UAEcoreStrategic or Co-development PartnerFERG was created as part of Central Bank of UAE's initiative and liaises closely with the regulatory body on a periodic basis. FERG coordinates with Central Bank during development, testing phase and implementation of UAE's Wage Protection System and AML policies.
• Dubai Chamber of Commerce and IndustrymoderateStrategic or Co-development PartnerFERG is registered with the Dubai Chamber of Commerce and Industry, the body tasked with supporting private sector activity in the UAE. FERG has been recognized as one of the most active business groups by the Dubai Chamber.
• Ministry of Labor UAEmoderateStrategic or Co-development PartnerFERG coordinates with the Ministry of Labor during the development, testing phase and implementation of UAE's Wage Protection System.
• Indian Correspondent BanksminorOthersFERG negotiated with Indian correspondent banks resulting in reduced guarantee requirements from 3 days to 1 day.

Scale indicators7 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• MoneyGram: One of the world's largest consumer cross-border money transfer companies; comparable to FERG's member companies as a large-scale remittance operator with the AML and correspondent-banking challenges FERG helps its members navigate.
• Western Union Business Solutions: A global leader in consumer cross-border remittances and FX; comparable to FERG's member companies in terms of services offered, though it operates as a single major incumbent rather than a representative body of the industry.
• Association of Certified Anti-Money Laundering Specialists (ACAMS): A globally established provider of AML/CTF certifications, training, and conferences; comparable to FERG's training and AFCS activities, but operates as a global commercial certification body rather than a regional industry association.
• BAFT (Bankers Association for Finance and Trade): A US-based global trade association for the payments, correspondent banking, and trade finance community; comparable to FERG in advocating for cross-border payment providers, though its scope spans broader financial services.

Regional players

• Saudi Arabia's Saudi Payments Network (Mada / SAMA ecosystem bodies): Saudi Arabia's central bank and payments ecosystem stakeholders; comparable to FERG as a regional regulatory-and-industry coordination layer for cross-border payments, though SAMA itself is the regulator rather than an industry association.
• UAE Banks Federation: The umbrella industry body representing UAE banks; comparable to FERG as a UAE-based financial services association focused on regulatory engagement, AML, and sector advocacy, though its members are banks rather than exchange companies.
• Gulf Cooperation Council Banking Association (GCBA): A regional GCC-level banking association; comparable to FERG as a financial-sector industry body with a cross-border GCC mandate for regulatory coordination, though it serves banks and broader financial institutions.

Others

• Wolfsberg Group: An association of global banks focused on setting AML, KYC, and financial crime compliance standards; thematically related to FERG's AML advocacy work and a credible peer for the financial crime compliance thought-leadership space FERG operates in.

Direct peers

• National Money Transmitters Association (NMTA) - USA: A US-based non-profit trade association representing licensed money transmitters; directly comparable to FERG in providing regulatory advocacy, AML training, and unified industry representation for remittance companies.
• UK Money Transmitters Association (now part of UK Finance): An industry association representing UK-licensed payment and remittance institutions; directly comparable to FERG as a national trade body providing AML compliance support, regulatory liaison, and industry representation for money transfer firms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCtxwyQgU5HEYTYKmL-c0HRw
• Facebookfacebook.com/ferguae
• LinkedInlinkedin.com/company/ferg

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Foreign Exchange and Remittance Group