UAE Exchange primarily engages in money transfer, foreign exchange and payment services made headlines last March after it was seized by the central bank after it ran into financial troubles. Currently, the bank has suspended all new transactions at its more than 150 branches in the Gulf country.

After its acquisition, the new name is going to be Wizz Financial, a consortium of Switzerland-headquartered Prism Group AG and Abu Dhabi’s Royal Strategic Partners. Both the companies bought Finablr for a nominal $1 in December and then Bahrain Financing Company (BFC) in August. The acquisition is still under the process of being finalised and the approval of the UAE’s Central Bank was imperative for the takeover to come to fruition.

Recently, the UAE Central Bank has issued new guidelines to financial institutions on anti-money laundering practices that will help combat money laundering and fraudulent cases. From now on, banks will have to develop internal procedures and indicators that will help identify suspicious transactions and report them to the central bank’s Financial Intelligence Unit.

Additionally, banks will also have to regularly screen their databases and transactions against names on lists issued by the United Nations Security Council or by the UAE government before signing any deals or while trying to enter new businesses either as an individual or corporate clients.

Credit- The Filipino Times

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May 13, 2016: WorldRemit –– has partnered with UAE Exchange, the global remittance, foreign exchange and payment solutions brand — to offer its customers instant money transfers for multiple markets.

Through the partnership, WorldRemit customers can now send money instantly to be picked up as cash at UAE Exchange branches in Morocco, Uganda, Rwanda, Kenya and Zambia. Over time, new services will be rolled out across further countries in Africa, the Middle East and Asia.

With the WorldRemit app, people can send money instantly to their friends and family in over 125 different countries.

UAE Exchange offers a host of services and diverse remittance channels to its customers. With a network of 800 branches across 31 countries, UAE Exchange has correspondent banking relationships with over 140 global banks.

UAE Exchange has integrated with WorldRemit though WorldRemit’s Payout API – an easy-to-integrate, scalable API built using RESTful architecture that can process a high frequency of requests.

Promoth Manghat, CEO, UAE Exchange, said: “As one of the world’s most innovative remittance and foreign exchange brands, we are delighted to collaborate with another trailblazer in the space. Through our partnership, WorldRemit can benefit from our extensive correspondent network, expanding their coverage into new areas.”

Ismail Ahmed, CEO and founder of WorldRemit, comments: “We are committed to giving people the power to share money anytime, anywhere. By partnering with UAE Exchange, our customers can enjoy a greater range of payout options in more countries than ever before.”

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