The Foreign Exchange and Remittance Group (FERG), comprising 53 leading exchange houses in the UAE, has signed a Memorandum of Understanding (MoU) with the Hayford Integrated Training Institute. This strategic partnership aims to deliver high-quality training programs to employees within FERG’s member exchange houses.
The MoU was signed between Mr. Mohammed Al Ansari, Chairman of FERG and Mr Raju Menon, Chairman of Hayford Integrated Training Institute. Mr Shamil Mohasin, Administration Manager of FERG and Ms Komal Jajoo, Co-founder and Partner of Hayford Integrated Training Institute, were also present at the signing.
Ms Komal Jajoo, said: “We are delighted to join forces with FERG to address the training requirements of exchange houses throughout the UAE. This Memorandum of Understanding marks the beginning of a partnership to strengthen the training delivered to exchange house employees. Our institute boasts a distinguished number of luminaries, many of whom have served as key decision-makers in regulatory bodies, senior banking positions and board memberships.”
Mohamed Al Ansari, FERG Chairman said: “In this era of dynamic financial landscapes, knowledge is the key that unlocks success. With our strategic partnership with the Hayford Integrated Training Institute, FERG reaffirms its commitment to empower our member exchange houses with the latest insights and expertise. The training program targets approximately 1,500 member staff annually; to date, FERG trained more than 10,000 staff members on various topics. Together, we are forging a path towards excellence in the financial sector, ensuring that our teams are not just informed but also equipped to navigate the ever-evolving challenges and opportunities. Together, we illuminate the path to a brighter, more informed future.”
FERG regularly conducts training and seminars for its member organizations to provide the latest developments in the financial sector. This guarantees standardized knowledge-sharing practices across all member organizations, to ensure effective exchange of up-to-date information and new insights.
Under the MoU, the Hayford Integrated Training Institute will assign its highly experienced trainers and faculty members to conduct a series of training programs aligned with FERG’s chosen topics. FERG will closely monitor the training projects to ensure quality control; the training devised by FERG ensures the exchange houses adhere to the Central Bank of the UAE’s mandated training requirements. The training will encompass a range of crucial topics, including Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT), Counterfeit Detection & Fraud, as well as risk and branch management. This comprehensive approach aims to enhance the skills and knowledge of industry professionals, ensuring compliance with regulatory standards and fostering a robust financial ecosystem.
