UAE Exchange

For the metro station, see UAE Exchange (Dubai Metro).
UAE Exchange Centre LLCI
Limited Liability Company
Industry Financial Services
Founded 1980 (1980)
Founder Bavaguthu Raghuram Shetty and Abdulla Humaid Al Mazroei
Headquarters Abu Dhabi, United Arab Emirates
Key people
 Bavaguthu Raghuram Shetty B R Shetty (Chairman)
Sudhir Shetty (President)
Promoth Manghat (CEO)
Products Remittance
Money transfer
Foreign Exchange
Bill Payment
Number of employees
 9000+ (2015)
Website uaeexchange.com

UAE Exchange (Arabic: مركز الإمارات العربية المتحدة للصرافة‎‎) is a United Arab Emirates based company dealing primarily in remittances, Foreign exchange and bill payment solutions. The company is headquartered in Abu Dhabi, UAE, and operates through 800 offices[1] across 31 countries.

UAE Exchange has more than 9,000[2] employees in over 40 countries. It is one of the largest remittance companies and has extensive network in the middle east and Asia.

History

UAE Exchange was founded in 1980 in Abu Dhabi by business man B R Shetty and former United Arab Emirates Minister of Justice HE Abdulla Humaid Ali Al-Mazroei. It had expanded to over 800 offices worldwide by 2014.

In 1993 UAE Exchange became a SWIFT member and the following two years opened operations in Oman and Kuwait as well as launching an express transfer, gold card and bank notes service. In 1999 it launched retail operations in India, which was to become the largest operation outside its home base, with 330 branches by 2015. It opened offices in Bangladesh, the UK and Sri Lanka in the following three years. In 2001 it launched Xpress Money, an instant money transfer service in the UK. By 2003, it added Australia to its network.

In 2003 it launched services for the corporate sector; in 2004 it introduced a web-based money transfer process. Between 2005 and 2009 it opened offices in Hong Kong, Uganda, Jordan, Canada, New Zealand and China, as well as purchasing Moneydart Global Services in the United States. It also launched an online money transfer portal, Money2anywhere.com. XPay, the bill payment solution using mobile phone was also brought out in India.[3]

In 2009 it became an Authorized Payment Institution (API) with the UK financial regulator Financial Conduct Authority, former Financial Services Authority[4]

Associated Companies

See also

References

[5]

  1. ↑ "UAE Exchange History".
  2. ↑ "UAE Exchange Awards".
  3. ↑ "Research About UAE Exchange".
  4. ↑ "Travel Card from UAE Exchange".
  5. ↑ "Sending Money To Africa Gets Easier".
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