UAE Exchange (Arabic: مركز الإمارات العربية المتحدة للصرافة; Markaz Al'Imarat Alearabiat Almutahidat Lilsarafa) is a United Arab Emirates-based company dealing primarily in remittance, foreign exchange and bill payment services.
[5] It is one of the largest remittance companies and has an extensive network in the Middle East and Asia with particular emphasis on India where over 40% of its offices and staff are located.
In 1993, 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 banknote services.
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.
On 16 March 2020, UAE Exchange suspended all new transactions citing "certain operational challenges" in an emailed statement.
[19] 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.
[25] During June 2020, Xpress Money, a group business, had its authorisation to operate withdrawn by the UK's Financial Conduct Authority.
The consortium said that they planned to restructure the group to provide the subsidiaries, including UAE Exchange with working capital.