UAE Exchange
Encyclopedia
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 300 branches, 50 of these are in the middle east and over 200 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.
It spent the next few years expanding within the United Arab Emirates.
In 1993 it became a SWIFT
member and the following two years opened operations in Oman and Kuwait as well as well as launching an express transfer, gold card and bank notes service.
In 1999 it launched retail operation in India, which would become its largest operation outside its home base. It followed this with opening offices in Bangladesh, the UK, 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 Sudan, Hong Kong, Uganda, Jordan, Canada, New Zealand and China, as well as purchasing MoneyDart Global Services in the United States. It also launched a new online payment system XPAY in India.
Currency exchange
Currency exchange can refer to:* Bureau de change* Foreign exchange market...
company based in the United Arab Emirates with operations in a number of countries. It has over 300 branches, 50 of these are in the middle east and over 200 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
In 1980 UAE Exchange was launched with the opening of its first branch in Abu Dhabi, United Arab Emirates, by Indian born entrepreneur Bavaguthu Shetty and former United Arab Emirates Minister of Justice Abdulla Humaid Al Mazroei as part of the New Medical Centre Group (NMC) which they had previously set up together.It spent the next few years expanding within the United Arab Emirates.
In 1993 it became a SWIFT
Swift
The swifts are a family, Apodidae, of highly aerial birds. They are superficially similar to swallows, but are actually not closely related to passerine species at all; swifts are in the separate order Apodiformes, which they share with hummingbirds...
member and the following two years opened operations in Oman and Kuwait as well as well as launching an express transfer, gold card and bank notes service.
In 1999 it launched retail operation in India, which would become its largest operation outside its home base. It followed this with opening offices in Bangladesh, the UK, 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 Sudan, Hong Kong, Uganda, Jordan, Canada, New Zealand and China, as well as purchasing MoneyDart Global Services in the United States. It also launched a new online payment system XPAY in India.