The Unified Network for Money (UNMoney) Company (a closed Yemeni joint stock company - under establishment) is preparing to launch its business at the beginning of next year, in the field of providing remittance services and electronic payments. The idea of ​​its establishment began at the end of the year 2020 AD and crystallized through the adoption by the Central Bank of Yemen of Resolution No. (18) for the year 2020, related to stopping the work of the existing remittance networks and establishing a unified network for remittances, in the context of the efforts made by the Central Bank of Yemen to reduce the turmoil in the banking system In Yemen, by unifying the activities of the multiple networks of remittances currently in one channel (UNMoney) working under his direct supervision and contributing to the reduction of illegal remittances (terrorist financing and money laundering), as well as irresponsible practices such as currency speculation, and creating fake demand for currencies foreign. And the resulting negative effects represented by fluctuations in exchange rates and creating a state of instability in the Yemeni banking market, which negatively affects the economic situation and the living life of citizens.

The company’s first founding meeting was held on 09/28/2021 at the headquarters of the Central Bank in the temporary capital, Aden, in the presence of (47) founders representing most of the exchange companies licensed to operate, and a representative of the Ministry of Trade and Industry, under the auspices of the Central Bank of Yemen, and the company’s capital amounted to (five billion riyals). Yemeni, distributed over 500 thousand shares), and the shareholders’ shares in the capital ranged between (1%-5%) in the company’s shares.

The core of the executive management team was formed, which included specialists with experience in the field of information technology and financial services, and they were responsible for completing the work of establishing and launching the company. The company worked to prepare all the requirements of the technical infrastructure by keeping pace with the developments of technology in the financial and banking fields to provide its services with reliability, security and easy access.

The company has been keen on preparing and developing an effective and safe technical and financial infrastructure that enables it to achieve compliance and reduce suspicious and fraudulent operations. In this regard, the company has provided the money transfer system (MONEX) developed by Avanza, and the system is currently being developed according to the company's requirements to achieve ease, security and quality. , in accordance with the requirements of the Central Bank of Yemen and international standards in the field of combating money laundering and terrorist financing (AML).

The team also worked on building the company’s institutional capabilities, by designing an organizational structure that complies with the requirements of the company’s activity, based on the work teams, preparing the organizational guide, internal regulations and clear and transparent work procedures, regulating the activities and steps to accomplish various tasks, and meeting compliance and governance requirements to ensure the interests of the parties Related.

The company has worked to attract its human cadre with objective criteria in accordance with the principle of providing an opportunity for all, which included selecting the best applicants to work in it, with a balance between those with practical experience and young people in the process of filling the company’s jobs, in a way that meets the nature of the company’s work based on the high employment of technological methods of work, as A specialized team has been selected in the field of providing technical support service to our agents and partners and developing technical solutions in the field of remittances and electronic payments. The recruitment procedures for the team are currently being completed, and the company will pay great attention to developing and developing the capabilities of its employees.

The role of the company is represented in being a means to enhance the role of the central bank oversight over the banking system, and the activity of remittances, which is one of the most prominent channels that are exploited in terrorist financing and money laundering operations. This is done by providing a comprehensive electronic database on remittances operations, which ensures disclosure of remittance activity, sources of funds and beneficiaries. Which was previously done manually, and allows for manipulation and providing inaccurate data about it, not to mention the effort and time spent in collecting it from multiple remittance networks, and this allows the Central Bank to apply the necessary laws and procedures in this regard.

The company's presence will also limit speculative operations in the buying and selling of currencies, and improve the ability of the Central Bank to implement the policy of stabilizing the value of the local currency against foreign currencies.

Within the framework of the company's strategic vision, the company aspires to provide electronic payment services as a second stage, which contributes to reducing the need for cash liquidity and achieving financial inclusion.