17th December 2019, Dubai: Al Fardan Exchange (a global money transfer operator based in the UAE) and New Street Tech, a blockchain enterprise (for financial services distribution) based in India and the Middle East, announced joining forces to deliver remittances backed lending between UAE and Nepal. Al Fardan Exchange is using New Street’s next generation blockchain ecosystem MiFiX to connect with overseas remitters in UAE to address their financial needs in their home countries.
“At Al Fardan Exchange we have always been at the forefront of adopting bleeding edge technology to offer innovative solutions to our customers. We have partnered with New Street Technologies on Remittances backed Lending and we find their FAR product a game-changer for the X-Border Remittances Industry. New Street’s blockchain eco-system is transforming how MTOs and Banks can work in harmony to serve the financial needs of the overseas blue-collared migrant workers and their families.” – Shafique R Ibrahim, Chief Digital Information Officer, Al Fardan Group