Industrialist BR Shetty's new holding company Finablr holds India as a priority market, and has earmarked substantial investments to further develop and grow UAE Exchange's India operations.
On April 23, Shetty announced the creation of Finablr, subject to regulatory approvals, which will consolidate his global portfolio of financial services brands under one single umbrella.
As a diversified network, Finablr will combine the cumulative industry expertise of its network brands including UAE Exchange, Travelex, Xpress Money.
Elaborating on its India plans, Shetty in an email response, said "as a key emerging market, India remains core to Finablr's growth priorities. We anticipate India, US and China as markets that will be future growth engines for the group".
Shetty, Founder and Chairman, of Finablr further noted that "Finablr has earmarked substantial investments to further develop and grow UAE Exchange's India operations".
The global rebranding of UAE Exchange's non-UAE operations as Unimoni will immediately come to effect in India.
"As Unimoni, we will bring forth customer focused technology innovations to enhance our market share and presence in our served segments," he said.
Incorporated in the UK, Finablr will provide strategic direction and oversight for the category-leading brands across its network.
To a query on whether Finablr readying for a possible London IPO, Shetty said "Finablr shareholders have indicated their intention to go public in the future, however the timelines and plans for the initiative are yet to be finalised. Any plans for an IPO when formalised will be appropriately communicated".
UAE Exchange India has a countrywide network of over 375 branches and 55,000 agent locations present in 21 states. The company business activities constitute of money transfer (Xpress Money & Money Gram), domestic money transfer, foreign exchange, ticketing & tours (domestic & international), gold, vehicle and consumer loans, insurance, share trading, and other investment advisory services.
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