Pakistan’s ambassador to the UAE, Faisal Niaz Tirmizi, encouraged his countrymen to use official channels for remittances and financial transactions to support the economy. He emphasized the importance of using formal banking channels to ensure transparency in the economic system. The launch of the online payments services platform KuickPay aims to make financial transactions easier for the community members.
The UAE has traditionally been a significant source of remittances for Pakistan, with 1.7 million Pakistanis living and working in the Emirates. Workers’ remittances have shown a positive growth of 3.5 percent from July to April this year, attributed to the recovery in the global economy and better economic performance in main remit corridors like the US, UK, and EU. Saudi Arabia, UAE, UK, and US are among the top contributors to Pakistan’s remittances.
Remittances from the UAE are expected to increase in the coming years, with over 230,000 Pakistanis projected to migrate to the country in 2023 for better opportunities. The UAE was the second top migration destination for the South Asian community last year, according to BE&OE and OEC. Tirmizi believes that digital solutions like KuickPay will revolutionize the economy and support expats in making financial transactions.
KuickPay founders Saqib Ali Kazmi and Arbab Ali Khan highlighted that the app will not only benefit Pakistanis but also other residents in the UAE. Users can pay their UAE and Pakistani bills using cards issued in the UAE. The platform aims to provide convenience and efficiency in financial transactions, supporting the expat community and fostering economic growth in Pakistan.
By utilizing official channels for remittances and financial transactions, Pakistanis in the UAE can contribute to the transparency and stability of their country’s economy. The digitization of the economy through platforms like KuickPay will facilitate easier and more secure financial transactions for all users. This initiative is part of the efforts to support the expat community and enhance economic ties between Pakistan and the UAE.
As the UAE continues to be a significant source of remittances for Pakistan, it is essential for community members to embrace digital solutions and formal banking channels for their financial transactions. The positive growth in workers’ remittances reflects the resilience of the Pakistani diaspora in the UAE and their commitment to supporting their home country. With the launch of KuickPay and other digital platforms, expats can take advantage of convenient and reliable services for their financial needs.
