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	==International branding==		==International branding==
	~~[[File:Unimoni_logo.png\|thumb]]~~
	During 2018, UAE Exchange began re-branding to "'''Unimoni'''" at locations outside of the United Arab Emirates. This initially started with its retail presence in [[India]], [[Fiji]], [[Canada]] and [[Australia]].<ref>{{Cite news\|url=https://www.unimoni.com/media-centre/press-releases/uaeexchange-india-now-unimoni\|title=UAE Exchange (India) is now Unimoni\|work=UAE Exchange Press Release\|access-date=2018-09-28\|language=en\|archive-url=https://web.archive.org/web/20180928200746/https://www.unimoni.com/media-centre/press-releases/uaeexchange-india-now-unimoni\|archive-date=2018-09-28\|url-status=live}}</ref><ref>{{Cite web \|url=https://www.business-standard.com/article/news-ani/uae-exchange-india-is-now-unimoni-118080700289_1.html \|title=Archived copy \|access-date=2020-03-16 \|archive-url=https://web.archive.org/web/20190524081304/https://www.business-standard.com/article/news-ani/uae-exchange-india-is-now-unimoni-118080700289_1.html \|archive-date=2019-05-24 \|url-status=live }}</ref> Markets such as [[Hong Kong]] and [[Tanzania]], as well as further afield have also since been re-branded as Unimoni.<ref>{{Cite web \|url=https://www.businesswire.com/news/home/20191222005032/en/UAE-Exchange-Rebrands-%E2%80%98Unimoni%E2%80%99-Hong-Kong \|title=Archived copy \|access-date=2020-01-08 \|archive-url=https://web.archive.org/web/20191224121231/https://www.businesswire.com/news/home/20191222005032/en/UAE-Exchange-Rebrands-%E2%80%98Unimoni%E2%80%99-Hong-Kong \|archive-date=2019-12-24 \|url-status=live }}</ref><ref>{{Cite web \|url=https://www.businesswire.com/news/home/20200204005656/en/UAE-Exchange-Rebrands-Unimoni-Tanzania \|title=Archived copy \|access-date=2020-02-05 \|archive-url=https://web.archive.org/web/20200205153000/https://www.businesswire.com/news/home/20200204005656/en/UAE-Exchange-Rebrands-Unimoni-Tanzania \|archive-date=2020-02-05 \|url-status=live }}</ref>		During 2018, UAE Exchange began re-branding to "'''Unimoni'''" at locations outside of the United Arab Emirates. This initially started with its retail presence in [[India]], [[Fiji]], [[Canada]] and [[Australia]].<ref>{{Cite news\|url=https://www.unimoni.com/media-centre/press-releases/uaeexchange-india-now-unimoni\|title=UAE Exchange (India) is now Unimoni\|work=UAE Exchange Press Release\|access-date=2018-09-28\|language=en\|archive-url=https://web.archive.org/web/20180928200746/https://www.unimoni.com/media-centre/press-releases/uaeexchange-india-now-unimoni\|archive-date=2018-09-28\|url-status=live}}</ref><ref>{{Cite web \|url=https://www.business-standard.com/article/news-ani/uae-exchange-india-is-now-unimoni-118080700289_1.html \|title=Archived copy \|access-date=2020-03-16 \|archive-url=https://web.archive.org/web/20190524081304/https://www.business-standard.com/article/news-ani/uae-exchange-india-is-now-unimoni-118080700289_1.html \|archive-date=2019-05-24 \|url-status=live }}</ref> Markets such as [[Hong Kong]] and [[Tanzania]], as well as further afield have also since been re-branded as Unimoni.<ref>{{Cite web \|url=https://www.businesswire.com/news/home/20191222005032/en/UAE-Exchange-Rebrands-%E2%80%98Unimoni%E2%80%99-Hong-Kong \|title=Archived copy \|access-date=2020-01-08 \|archive-url=https://web.archive.org/web/20191224121231/https://www.businesswire.com/news/home/20191222005032/en/UAE-Exchange-Rebrands-%E2%80%98Unimoni%E2%80%99-Hong-Kong \|archive-date=2019-12-24 \|url-status=live }}</ref><ref>{{Cite web \|url=https://www.businesswire.com/news/home/20200204005656/en/UAE-Exchange-Rebrands-Unimoni-Tanzania \|title=Archived copy \|access-date=2020-02-05 \|archive-url=https://web.archive.org/web/20200205153000/https://www.businesswire.com/news/home/20200204005656/en/UAE-Exchange-Rebrands-Unimoni-Tanzania \|archive-date=2020-02-05 \|url-status=live }}</ref>

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{{for |the metro station | UAE Exchange (Dubai Metro)}}
{{Infobox company
| name = UAE Exchange
| logo = UAE_Exchange_logo.png
| foundation = {{Start date and age|1980}}
| type = [[Division (business)|Division]]
| location_city = Abu Dhabi
| location_country = [[United Arab Emirates|UAE]]
| key_people =
| industry = [[Financial services]]
| products = {{Bulleted_list|[[Remittance]]|[[electronic billing|Bill payments]]|[[Electronic funds transfer|Money transfer]]|[[Foreign exchange market|Foreign exchange]]}}
| num_employees = 9,000 <small>(2015)</small>
| parent = [[Finablr]]
| subsid = {{Bulleted_list|Money2Anywhere|Smart Pay|Unimoni|GoCash}}
| homepage = {{url|uaeexchange.com }}<br>{{url|ae.uaeexchange.com }}
}}

'''UAE Exchange''' ({{lang-ar|مركز الإمارات العربية المتحدة للصرافة}} ''Markaz Al'Imarat Alearabiat Almutahidat Lilsarafa'') is a [[United Arab Emirates]] based company dealing primarily in [[remittance]], [[Foreign exchange company|foreign exchange]] and [[electronic billing|bill payment]] services. The company is headquartered in [[Abu Dhabi]], [[United Arab Emirates|UAE]], and operates through 800 locations<ref>{{Cite web|url=https://corp.uaeexchange.com/uaex-about-us/uaex-our-history|title=Our history|website=UAE Exchange|language=en-GB|access-date=2018-09-11|archive-url=https://web.archive.org/web/20200318223539/https://corp.uaeexchange.com/uaex-about-us/uaex-our-history|archive-date=2020-03-18|url-status=live}}</ref> across 31 countries either as UAE Exchange, or Unimoni.

The business has circa 9,000 employees across 40 countries.<ref>{{Cite web|url=https://corp.uaeexchange.com/uaex-about-us/who-we-are|title=Who we are|website=UAE Exchange|language=en-GB|access-date=2018-09-11|archive-url=https://web.archive.org/web/20200116115022/https://corp.uaeexchange.com/uaex-about-us/who-we-are|archive-date=2020-01-16|url-status=live}}</ref> 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.

==International branding==
[[File:Unimoni_logo.png|thumb]]
During 2018, UAE Exchange began re-branding to "'''Unimoni'''" at locations outside of the United Arab Emirates. This initially started with its retail presence in [[India]], [[Fiji]], [[Canada]] and [[Australia]].<ref>{{Cite news|url=https://www.unimoni.com/media-centre/press-releases/uaeexchange-india-now-unimoni|title=UAE Exchange (India) is now Unimoni|work=UAE Exchange Press Release|access-date=2018-09-28|language=en|archive-url=https://web.archive.org/web/20180928200746/https://www.unimoni.com/media-centre/press-releases/uaeexchange-india-now-unimoni|archive-date=2018-09-28|url-status=live}}</ref><ref>{{Cite web |url=https://www.business-standard.com/article/news-ani/uae-exchange-india-is-now-unimoni-118080700289_1.html |title=Archived copy |access-date=2020-03-16 |archive-url=https://web.archive.org/web/20190524081304/https://www.business-standard.com/article/news-ani/uae-exchange-india-is-now-unimoni-118080700289_1.html |archive-date=2019-05-24 |url-status=live }}</ref> Markets such as [[Hong Kong]] and [[Tanzania]], as well as further afield have also since been re-branded as Unimoni.<ref>{{Cite web |url=https://www.businesswire.com/news/home/20191222005032/en/UAE-Exchange-Rebrands-%E2%80%98Unimoni%E2%80%99-Hong-Kong |title=Archived copy |access-date=2020-01-08 |archive-url=https://web.archive.org/web/20191224121231/https://www.businesswire.com/news/home/20191222005032/en/UAE-Exchange-Rebrands-%E2%80%98Unimoni%E2%80%99-Hong-Kong |archive-date=2019-12-24 |url-status=live }}</ref><ref>{{Cite web |url=https://www.businesswire.com/news/home/20200204005656/en/UAE-Exchange-Rebrands-Unimoni-Tanzania |title=Archived copy |access-date=2020-02-05 |archive-url=https://web.archive.org/web/20200205153000/https://www.businesswire.com/news/home/20200204005656/en/UAE-Exchange-Rebrands-Unimoni-Tanzania |archive-date=2020-02-05 |url-status=live }}</ref>

==History==
UAE Exchange established its first branch and operations in Abu Dhabi, UAE in the year 1980.

By 2014 It has around 800 branches in the world
1993 saw UAE Exchange became a [[SWIFT]] member and over the following two years opened operations in [[Oman]] and [[Kuwait]], as well as launching transfer, gold card and bank note services.

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 [[United Kingdom]] and [[Sri Lanka]] over the following three years.

In 2001 it launched Xpress Money, a money transfer service in the UK. Xpress Money was later extracted into the wider group.

During 2003 the business added Australia to its network, it also launched services for the corporate (B2B) sector.

In 2004 it introduced online money transfers.

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]]. The business also launched an online money transfer brand, Money2anywhere.com. XPay; a mobile bill payment application was also purchased in India.<ref>{{Cite news|url=http://globallabormarkets.org/research/|title=Research - Global Labour Markets (GLM)|work=Global Labour Markets (GLM)|access-date=2018-09-11|language=en-US|archive-url=https://web.archive.org/web/20180911152024/http://globallabormarkets.org/research/|archive-date=2018-09-11|url-status=live}}</ref>

In 2009 it became an Authorised Payment Institution with the UK financial regulator [[Financial Services Authority]] (which later became the [[Financial Conduct Authority]]).<ref>{{Cite news|url=http://www.thenational.ae/business/banking/six-currency-card-gives-travellers-more-freedom|title=Six-currency card gives travellers more freedom|work=The National|access-date=2018-09-11|language=en|archive-url=https://web.archive.org/web/20170627185846/http://www.thenational.ae/business/banking/six-currency-card-gives-travellers-more-freedom|archive-date=2017-06-27|url-status=live}}</ref>

In October 2018, UAE Exchange partnered with telecommunications company [[Ooredoo]].<ref>{{Cite news|url=http://www.muscatdaily.com/Archive/Oman/Oman-UAE-Exchange-partners-with-Ooredoo-5bcv|title=Oman UAE Exchange partners with Ooredoo - Oman|last=Newspaper|first=Muscat Daily|work=Muscat Daily News|access-date=2018-10-22|language=en|archive-url=https://web.archive.org/web/20181008210652/https://www.muscatdaily.com/Archive/Oman/Oman-UAE-Exchange-partners-with-Ooredoo-5bcv|archive-date=2018-10-08|url-status=live}}</ref>

In March 2019 Sudhir Shetty left the business. Prior to his role as president of the business which he had held since 1991, he had served as its chief operating officer.<ref>{{Cite news|url=https://www.daijiworld.com/news/newsDisplay.aspx?newsID=572482|title=Bearys Welfare Forum accords warm farewell to Sudhir Shetty|access-date=2019-03-25|archive-url=https://web.archive.org/web/20190323113847/https://www.daijiworld.com/news/newsDisplay.aspx%3FnewsID%3D572482|archive-date=2019-03-23|url-status=live}}</ref>

Mid 2019 Finablr began co-branding businesses within its estate.

On 16 March 2020 UAE Exchange suspended all new transactions citing "certain operational challenges" in an emailed statement.<ref>{{Cite web|url=https://gulfnews.com/business/markets/uae-exchange-halts-new-transactions-1.70418940|title=UAE Exchange halts new transactions|website=gulfnews.com|access-date=2020-03-16|archive-url=https://web.archive.org/web/20200316094250/https://gulfnews.com/business/markets/uae-exchange-halts-new-transactions-1.70418940|archive-date=2020-03-16|url-status=live}}</ref> Although the statement issued by the business fails to mention it directly, the challenges referenced likely pertain to the near-collapse of its parent [[Finablr]] earlier that same day.<ref>{{Cite web|url=https://www.cityam.com/finablr-shares-suspended-following-sharp-falls-as-chief-executive-quits/|title=Finablr in danger of collapse as shares suspended|website=cityam.com|access-date=2020-03-16|archive-url=https://web.archive.org/web/20200322214118/https://www.cityam.com/finablr-shares-suspended-following-sharp-falls-as-chief-executive-quits/|archive-date=2020-03-22|url-status=live}}</ref>

On 16 March 2020, [[Finablr]], of which UAE Exchange is a part, was suspended from the London Stock Exchange as it announced it was in danger of collapse having identified circa $100m (£81m) of undisclosed financing, which meant it no longer had any certainty over its financial position. Simultaneously, Promoth Manghat, Group CEO left the business.<ref>{{Cite web|url=https://www.cityam.com/finablr-shares-suspended-following-sharp-falls-as-chief-executive-quits/|title=Travelex owner Finablr in danger of collapse as shares suspended|website=cityam.com|access-date=2020-03-16|archive-url=https://web.archive.org/web/20200322214118/https://www.cityam.com/finablr-shares-suspended-following-sharp-falls-as-chief-executive-quits/|archive-date=2020-03-22|url-status=live}}</ref> The business also stated that it was no longer able to provide certain payment processing services, however failed to address what services this entailed. Administrators [[Kroll Inc.|Kroll]] were appointed to carry out an independent investigation into its finances.<ref>{{Cite web|url=https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/FIN/14462315.html|title=Suspension of Listing, Trading Update, Directorate Change and Urgent Board Measures|website=londonstockexchange.com}}</ref>

On 17 March 2020, [[Finablr]], of which UAE Exchange is a part, announced that it has engaged an accountancy firm to undertake rapid contingency planning for a potential [[insolvency]] appointment,<ref>{{cite web|url=https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/FIN/14463905.html|title=Finablr potential insolvency appointment|via=londonstockexchange.com|access-date=2020-03-17|archive-url=https://web.archive.org/web/20200317174338/https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/FIN/14463905.html|archive-date=2020-03-17|url-status=live}}</ref><ref>{{cite web|url=https://www.standard.co.uk/business/travelex-owner-finablr-on-the-brink-of-collapse-as-it-appoints-insolvency-firm-a4389491.html|title=Finablr on the brink of collapse as it appoints insolvency firm|via=standard.co.uk|access-date=2020-03-17|archive-url=https://web.archive.org/web/20200318153551/https://www.standard.co.uk/business/travelex-owner-finablr-on-the-brink-of-collapse-as-it-appoints-insolvency-firm-a4389491.html|archive-date=2020-03-18|url-status=live}}</ref>

On 18 March 2020, [[Finablr]], of which UAE Exchange is a part, announced that the division had been placed under supervision of the Central Bank of the UAE with immediate effect. The Central Bank of the UAE also stated that it had commenced an examination of UAE Exchange in order to verify its compliance with applicable laws and regulations.<ref>{{cite web|url=https://gulfnews.com/business/banking/uae-central-bank-to-oversee-uae-exchange-centre-1.1584499193037|title=UAE Central Bank to oversee UAE Exchange Centre|publisher=Gulf News|date=18 March 2020|access-date=18 March 2020|archive-url=https://web.archive.org/web/20200318042349/https://gulfnews.com/business/banking/uae-central-bank-to-oversee-uae-exchange-centre-1.1584499193037|archive-date=18 March 2020|url-status=live}}</ref>

During June 2020, Xpress Money, a group business, had its authorisation to operate withdrawn by the [[United Kingdom|UK]]'s [[Financial Conduct Authority]].<ref>{{cite web|url=https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000Mfu8sAAB|title=Xpress Money Services Limited must not carry out any regulated activity|publisher=Financial Conduct Authority|date=1 June 2020|access-date=3 July 2020}}</ref>
{{quote|"Xpress Money Services Limited must cease carrying on all the payment services activities for which it has previously been authorised by the FCA, except to the extent as agreed with the FCA. The firm may only carry out payment service activities."}}

In December 2020 UAE Exchange's parent group, [[Finablr]] was acquired by Prism Group AG and Royal Strategic Partners, the Abu Dhabi investment vehicle associated with [[Hazza bin Zayed bin Sultan Al Nahyan]], brother of the Crown Prince of Abu Dhabi, [[Mohammed bin Zayed Al Nahyan]]. The consortium said that they planned to restructure the group to provide the subsidiaries, including UAE Exchange with working capital.<ref>[https://www.bloomberg.com/news/articles/2020-12-17/scandal-hit-finablr-sold-for-1-to-israeli-uae-consortium Scandal-Hit Finablr Sold for $1 to Israeli-UAE Consortium] Tom Metcalf, 17 December 2020</ref>

==Subsidiaries==
{{div col}}
* 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
* 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
* Nyuvo, India
* UAE Exchange & Finance Ltd, India
* XM Software Solutions private Ltd
* XM Services Ltd

{{div col end}}

==References==
{{reflist}}

{{DEFAULTSORT:Uae Exchange}}
[[Category:Foreign exchange companies]]
[[Category:Financial services companies of the United Arab Emirates]]
[[Category:Banks established in 1980]]
[[Category:Emirati companies established in 1980]]

UAE Exchange - Revision history

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