February 26, 2024

FERG’s initiative on E-Receipt System Marks a Paradigm Shift

The Foreign Exchange and Remittance Group (FERG) has launched an e-receipt system, transforming financial transactions, enhancing efficiency and environmental responsibility.

Approved by the Central Bank of the UAE (CBUAE), Exchange Houses can now issue digital receipts, eliminating over 50 million paper receipts annually. Once customers sign on an electronic pad, e-receipts are delivered via email or WhatsApp, offering a seamless and secure experience.

Mr. Adeeb Ahmed, Vice Chairman of FERG, said “As COP28 UAE brings the world together at a critical moment for climate action, FERG is deeply committed to driving sustainable growth and innovation within the UAE’s financial industry. As a proactive platform of the exchange industry, we are proud to lead the change towards a more sustainable, efficient and customer-centric financial landscape. We continue to redefine the norms and set new standards in the fintech industry.”

Customers can now store digital receipts securely on their smartphones and access them at the touch of a button. The financial information is encrypted and delivered directly to the customer, ensuring data is confidential and every transaction now contributes to a greener, more sustainable future.

FERG is a registered business group with the Dubai Chamber of Commerce & Industry, which oversees and supports private sector activities in the UAE. Focused on the financial industry, FERG is committed to promoting best practices among exchange houses and serves as a hub for sharing knowledge. It actively represents the industry’s concerns to regulatory and government bodies, advocating for their perspectives. FERG aims to improve the business environment for money exchange services in the UAE by streamlining operational regulations, fostering growth and development.

    Middle East News 247

    Middle East News 247

    Middle East News 247 delivers trending business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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