UAE Exchange
| 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 | Abdulla Humaid Al Mazroei (Chairman) Bavaguthu Raghuram Shetty (CEO and Managing Director) |
| Products | Remittance Money transfer Foreign Exchange |
Number of employees | 8000+ (2012) |
| Parent | New Medical Centre Group (NMC) |
| Website | uaeexchange.com |
UAE Exchange is a remittance and currency exchange company based in the United Arab Emirates with operations in a number of countries. It has over 650 branches,[1] over 300 of these are in India through its subsidiary UAE Exchange & Financial Services. It is one of the largest remittance companies and has extensive network in the middle east and Asia.
History
UAE Exchange was launched in 1980 with a single office in Abu Dhabi, United Arab Emirates, by Indian born entrepreneur Bavaguthu Shetty and former United Arab Emirates Minister of Justice H.E. Abdulla Humaid Al Mazroei. From then on it was on an expansion spree, by 2012 building a global network of over 650+[2][3] direct offices in close to 30 countries across five continents.
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. It followed this with opening offices in Bangladesh, the UK and Sri Lanka in the following three years.
By 2003, it has also added Australia when it acquired a local exchange house. The same year it opened its 100th branch in India.
Between 2005 and 2009 it continued to expand, opening 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 a online money transfer portal, Money2anywhere. XPay, the bill payment solution using mobile phone was also brough out in India.[4]
References
- ^ "NMC Financial Services". NMC. Retrieved February 27, 2011.
- ^ "UAE Exchange blog - UAE Exchange opens two new branches". UAE Exchange. December 25, 2012.
- ^ "UAE Exchange opens 600th branch". gulfnews.com. June 29, 2012.
- ^ "UAE Exchange History". www.uaeexchange.com. Retrieved February 27, 2011.