UAE Exchange_Best Exchange Service_Money2Anywhere by xumiaomaio


									Submission document questions:

Name of company                                        UAE Exchange
Name of product                              
Name of category entered                               Best Exchange Service
Total number of branches/offices                       482 (direct offices)
How is the product distributed or offered to clients   Through the internet
Date of product launch                                 28th September 2008
Reporting currency i.e. AED, KWD etc                   USD
Countries served                                       UAE, Bahrain, Qatar, Kuwait, Hong Kong,
                                                       United States, United Kingdom, Canada,
Estimated market share % if applicable                 NA
Estimated % increase in market share 2010              NA
Estimated total number of clients                      Approx 50,000 Customer Sign Ups
Estimated new clients in 2010                          Approx 18,000 New Sign Ups in 2010
Average annual cost of service/product to client       NA
Average transaction fee if applicable                  8 USD (weighted average)
Interest/profit rate charged if applicable             NA
Any other fees associated with product                 Nil
Average interest/profit % paid in 2010 if applicable   NA
Maximum credit limit                                   No Credit Limit
Minimum investment required                            Total investment on site and server
                                                       maintenance and man hour to develop the
                                                       USD 50,000 approx

Target audience salary/investable assets or size       NA
Unique product features

•   Online Money Transfer Service - Money Transfer service through the internet
•   Money2anywhere status tracker enables to track the status of the remittance at every

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•   128-bit Secure Sockets Layer (SSL technology)
•   Competitive Exchange Rates and Charges
•   Cost Effective

Unique product benefits

•   Multiple payment and delivery options for the customer
•   Provides customers a facility to link their bank accounts and cards to make remittance
•   Dedicated Call center for helping out with customer queries.
•   Provides 24X7 facility for transferring funds from the comfort of home or office
•   Easy Registration process
•   Attractive discounts and promotions for customers
•   Guaranteed exchange rate

Please describe the audience that this product has been developed to serve

Money2anywhere is a simple yet powerful online money transfer medium provided by UAE
Exchange to benefit a rapidly increasing global expatriate community.

Money2anywhere provides expert remittance service and helps to connect varied ethnic
communities to their home country by offering the convenience of new age access channels
for their money transfer need.

The Product has been developed in-house keeping in mind the global expatriate community
by enabling them to send money online from their desktop to doorstep of their near and
dear ones.

UAE Exchange identified the need for new and cost effective channels to enable the
expatriate community to send money home in a convenient, safe and secure way.

The product focuses on the entire gamut of the global expatriate community by providing a
user friendly and secure online platform to make payments.

Please describe the benefits to your company of offering this product

• Cost effective Channel for the Organization
Money2anywhere is a cost effective channel as compared to the traditional method of
money transfer for the organization as it results in reduced administrative and overhead

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• Ability to cater to the Needs of Thousands of Customers at a Single Time
The Web-site caters to thousands of customers at a single time by multiple means like a rich
front end and support through the dedicated call center guiding the customer at every point
during the transaction.

• Lesser Paper work and Workforce
The portal’s ability to provide detailed transaction status and electronic receipts does away
with paper work and the use of paper. Since the transaction is a self service channel,
workforce requirement is also reduced to a great extent.

• No Cash Management required
The Service provides the most advance methods of funding by helping the customer to link
his card and bank accounts to the web-site there by eliminating the need for storing and
managing cash. This also lowers the risk associated with cash handling, safe handling for the

• New Customer Acquisition
The Product has helped the organization to tap into markets where the organization has no
physical existence by its robust registration process. The product has been able to acquire
new customers into the organizations fold with a rich and secure front end which enables
customers to register online for using the service.

•   Increase Customer Loyalty

Money2anywhere facilitates high degree contact interactivity with customers by providing
an easy to navigate site, systematic display of product information and constant touch with
customers through e- mail and phone. These measures taken increase customer loyalty as
70% customers transacting online are repeat customers of UAE Exchange.

Please summaries why your product is a deserving winner ( min 250 words )

Money2anywhere, the online remittance product, with its cutting edge technology enables
UAE Exchange customers to transfer money from the comfort of their home or office.

The product has been built keeping in mind customers remittance needs which are:-

By doing away with cumbersome paper work and uncertainties, money2naywhere offers
remittance facility from the comfort of customers home or office


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Money2anywhere employs rigorous checks to ensure customer account is not compromised

Money2anywhere provides Email Alerts, SMS alerts and dedicated customer service

The service provides a hassle free transaction, and Prompt delivery

Guaranteed exchange rate
Most of the online remittance players in the industry do not provide a guaranteed exchange
rate at the time of initiation of the remittance. Quite often it happens that the final amount
that reaches the beneficiary is far less than what the customer intended to send. With
Money2anywhere, the exchange rate is locked at the day of transfer initiation. With this,
drop or rise of exchange rate by the time it reaches the expected beneficiary does not affect
the amount remitted. This is a unique product offering by money2anywhere in the industry.

Money2anywhere Customers can access the service from any computer with an Internet
connection. The company’s online infrastructure provides the highest level of privacy and
security for customer data and transactions. UAE Exchange partners with highly-regarded
banks in the countries where money2anywhere operates, to guarantee that funds are
transferred safely, securely and reliably.

The product offers wide-ranging customer benefits including low-cost transfers, the ability to
provide discounts and guaranteed exchange rates. Money2anywhere offers broad coverage
throughout the world, with choice of door-to-door delivery, bank deposits to all major
banks, and cash pick-up at bank branches.

Money2anywere adheres to the financial industry's highest security standards to protect
customer’s sensitive financial information.

Data transmissions are encrypted using the industry-standard SSL (Secure Sockets Layer)
protocol. The information money2anywhere maintain resides behind two independent
state-of-the-art firewalls. The website is a VeriSign Secure certified.

The innovative product has made customer lives easier by providing multiple funding and
delivery options to suit customer needs.

Please mention any supporting information not covered by the questions above

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