SYDNEY – SendGold announced today that their digital gold money app is now live in the United Arab Emirates, the centre of gold trading throughout the Middle East region.
“We’re very excited to open SendGold to residents of the UAE as the first country in one of the world’s most important regions for consumer gold demand” said SendGold Executive Director Steve Bond.
“Dubai alone accounts for nearly 25% of world gold trade” Bond continued, “and the SendGold app makes it easier than ever to acquire gold at very competitive prices, use it for instant payments or gifts, or cash out to bank accounts in the local currency”.
The SendGold app is also targeted as a simple, fast, and cost-effective method for overseas workers and expats to send funds back home. The Dubai/India channel is a major remittances corridor and workers and investors in both countries prefer to hold gold over their local currencies, as these have had a track record of losing value over time.
In addition, the company can now finalise several commercial relationships with third party distrubiton partners in the region.
The price of gold has risen 17.9% in the last 12 months in the UAE, far outstripping the interest that could be earned in a typical bank account. In another key SendGold market, the gold price in Indian rupees is up 19.5% in the same period. SendGold payment transfers are instant, compared to bank transfers that can take 1-3 days.
One of the tools the company will use to promote SendGold in the UAE is their innovative augmented-reality game Gold Rush by SendGold, which gamifies customer awareness and acquisition in a way not previously seen in the gold industry.
Gold Rush enables the company to attract new users remotely, without the need for local bricks-and-mortar presence. “Gold Rush gives us global awareness reach at extremely low cost” said Bond. “It’s good fun, but it’s also good business”.
“With our platform approach we can typically launch in a new country in less than 10 days”, said Bond. “And the other countries in the region are also very strong gold buyers. We’ll have more annoucements to follow soon.”
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