UAE Exchange was founded
in 1980 9in Abu Dhabi by business man B R Shetty and former United
Arab Emirates Minister of Justice HE Abdulla Humaid Ali Al-Mazroei. It has expanded to over 800 offices worldwide.
Arab Emirates Minister of Justice HE Abdulla Humaid Ali Al-Mazroei. It has expanded to over 800 offices worldwide.
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 brough out in India.
In 2009 it became an
Authorised Payment Institution (API) with the UK financial regulator Financial
Services Authority
