UAE Exchange

UAE Exchange Centre LLCI

Service is our currency
Type	Limited Liability Company
Industry	Financial Services
Founded	1980 (1980)
Founder	B. R Shetty (Ind) and Abdulla Humaid Al Mazroei
Headquarters	Abu Dhabi, United Arab Emirates
Key people	Bavaguthu Raghuram 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.^[3] It is one of the largest remittance companies and has extensive network in the middle east and Asia with particular emphasis on India where over 40% of its offices and staff are located.

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.^[4]

In 2009 it became an Authorized Payment Institution (API) with the UK financial regulator Financial Services Authority, which became the Financial Conduct Authority in 2013.^[5]

In 2018, UAE Exchange commenced a global re-branding of itself to 'Unimoni' starting with its retail presence in India^[6], Fiji, Canada and Australia.

Associated companies and subsidiaries

References