UAE Exchange
- For the metro station, see UAE Exchange (Dubai Metro).
 | It has been suggested that UAE Exchange & Financial Services be merged into this article. (Discuss) Proposed since March 2015. |
| File:Logo-uaexchange.gif | |
| Company type | Limited Liability Company |
|---|---|
| Industry | Financial Services |
| Founded | 1980 |
| Founder | Bavaguthu Raghuram Shetty and Abdulla Humaid Al Mazroei |
| Headquarters | , |
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 |
UAE Exchange (Template:Lang-ar) 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
- New Medical Centre (NMC) Group
- UAE Exchange & Financial Services, in India with over 330 offices
- UAE Exchange Australia Pty Ltd
- UAE Exchange Centre Bahrain Co WLL
- UAE Exchange Centre LLC, Liaison Office
- UAE Exchange Canada Pty Ltd
- UAE Exchange China Liaison Office
- UAE Exchange Fiji Pty Ltd
- UAE Exchange Hong Kong Limited
- UAE Exchange Centre LLC, Liaison Office, India
- UAE Exchange Centre LLC, Liaison Office, Indonesia
- Jordan UAE Exchange LLC Co
- UAE Exchange Centre WLL, Kuwait
- Kuwait National Exchange Co
- UAE Exchange New Zealand Pty Ltd
- Oman & UAE Exchange Centre Co LLC
- UAE Exchange Centre LLC, Liaison Office, Pakistan
- UAE Exchange Centre LLC, Liaison Office, Philippines
- Qatar- UAE Exchange Establishment
- UAE Exchange Centre LLC, Liaison Office, Sri Lanka
- UAE Exchange Centre LLC, Sudan
- UAE Exchange Uganda Limited
- UAE Exchange Centre LLC, UAE
- UAE Exchange Centre LLC, UK
- MoneyDart Global Services, Inc, USA
- UAE Exchange & Finance Ltd, India
- XM Software Solutions Ltd
- XM Services Ltd