MARKET Remittances represent one of the major international fnancial resources for economic development. In 2017 the UAE’s remittance market was highly competitive amongst agents trying to drive customers into their business with various innovative ideas. 2017 managed a steady remittance market and the total remittance in the frst three quarters of 2017 was 2.1% higher than the cash that moved out of UAE in 2016. emerged as the top recipient, followed by Pakistan, Philippines, US, l Dubai Service Excellence Scheme best with commitment and reliability towards its UK, Egypt, and among others. performance outlet Award was acquired by customers. UAE Exchange continues to stride Another segment that grew within remittance RAK-Al-Jazeera Branch for their exceptional towards growth through innovation and market was domestic and international card and performance. globalisation. utility bill payments.. l The brand’s excellence in quality management UAE Exchange was established in 1980 by Dr. UAE Exchange continues to evolve globally, with and process implementation led to the upgrading B.R. Shetty with a single branch in , a customer base of over ffteen million, served of the ISO-certifcation to 9001:2015 and to address the remittance across 45 nations with over 800 direct offces. 14001:2015. challenges faced by expatriates who had come to The brand has over 70 products and services to l UAE Exchange became the frst ever exchange the Gulf during the oil and construction boom. suit the dynamic needs of its myriad customer house to secure permission from Central Bank He then embraced this challenge and found an base. The organisation has 150 branches spread to commence Online Money Transfer within opportunity for each expatriate to contribute over seven emirates within the UAE at all the UAE. This paved a step forward towards towards economic development and to provide customer convenient locations. digitalisation. them with a foreseeable remittance medium. The syndicate of fve top notch brands has l UAE Exchange believes and works towards Today, the brand has grown into a leading shown quadruple growth in the last fve years womens’ empowerment along by actively provider of global remittance, foreign exchange with a turnover of USD1.4 billion revenue and encouraging Emiratisation in the work place. and payment solutions. Headquartered in 150 million transactions in 2017 compared Accordingly UAE Exchange launched an all- Abu Dhabi, the brand has spread its footprint with USD350 million revenue and 35 million exclusive Emirati call centre completely managed worldwide. With over 800 direct offces across 45 transactions in 2012. A growth of 8% outfow was and run by Emirati female staff supporting the nations in fve continents, it has emerged as the witnessed in the frst quarter of 2017. At present, UAE Vision 2021 National Agenda. This unique widest globally networked remittance brand. The the global market share is 6.75% from 6.5% in call centre is an additional customer touch organisation has a strong correspondent banking 2016 and it aims to reach 10% by 2020. point that complements the brand’s current relationship with over 140 global banks and smart Today’s retail remittance market is becoming outreach programme for Emirati customers technology added to its might. The agility and Hi-Touch to Hi-Tech though de-risking and also reinforces Emiratisation and womens’ fexibility to accept and move forward with the continued to be the major issue. Presently, the empowerment efforts. changes abetted the brand to become the widest brand is exploring multiple bolt-on acquisition globally network remittance brand. opportunities as well as strategic investments in HISTORY UAE Exchange has grown into a sustainability remittances and payments space with a specifc 37years has passed since UAE Exchange network for over 16,000 professionals, focus on digitalisation. commenced its journey as a fnancial institution representing 40+ nationalities under a single ACHIEVEMENTS The collaborative and adaptive cross-functional work cultures have unlatched the exemplary potential of the brand. The ideas, perspectives and insights, all strive towards excellence and to bring delight to ffteen million customers worldwide. UAE Exchange’s undying commitment towards customers and diligence to maintain the essence of reliability and service quality has made the brand a benchmark of excellence across similar operations worldwide. This determination has enabled the brand to reap multiple awards and encomium. 2017’s momentous ones were: l Service Olympian Award for Best Customer Experience Measurement. l CIO Awards 2017 for Technology Infrastructure - Future Proofng Initiative. l Best Foreign Exchange Provider Award, Dubai Chamber CSR Label for corporate social responsibility and sustainability efforts for ffth consecutive year. l ESQR Quality Achievement Award, Arabia CSR Special Recognition Award. l Stevie Awards for Customer Service, IT and GCC Best Employer of the Year.

128 umbrella that strive towards one single aim for Payment Solutions PROMOTION achieving excellence and bring delight to its l Payroll Solutions - This service is part of the UAE Exchange constantly communicates with its multitude of customers worldwide. Wages Protection System initiated by UAE customers and is always on the lookout to interact Ministry of Labour and UAE Central Bank and reward them for their continuing patronage. PRODUCT to streamline the salary disbursal process for The major promotions of 2017 include: UAE Exchange offers an eclectic mix of products blue collar employees. The employers have the l “Summer promotion - Win a house in Dubai” to meet the varied needs of its enormous convenience of loading the salary to payroll cards where any customer transacting with UAE customer base. The product ranges are divided through WPS. The employees can visit any UAE Exchange was provided with a raffe coupon into three categories as follows: Exchange proprietary Cash Dispensing Machine or through which they got a chance to win a house Money Transfer MasterCard-enabled ATM to withdraw their full or in Dubai worth AED500,000 and 25 other l Flashremit - This service enables customers to partial salary as and when required. contestants got a chance to win AED10,000 conveniently transfer money real-time, directly l Allied Services - The brand provides a varied l “Winter Promotion - Win AED10,000 everyday” to their benefciary account in a secured manner. range of services to address the daily fnancial the promotion was conducted for 45 days where On account credit and collection of fund by service requirements. It ranges from Credit card the customer got a chance to win AED10,000 benefciary from respective banks, both sender payments, Loan, EMI and Insurance payments, every day on transacting. and benefciary receive SMS. This service been Ticket payments, School-fee payments, Saving l Several other micro-marketing promotions were enhanced with Inter-bank immediate payment Schemes, Mobile Top-up, Agency cash collection conducted throughout the year such as “Jasn-e- service which enables the access to transfer services, and utility bill payments. majlis” for Pakistan, “Bangla-Utsav” for Bangladesh, money to those banks which don’t have a direct “Win 2Max’s Family-Basket” for Philippines and tie-up with UAE Exchange. RECENT DEVELOPMENTS “Double-Delight” for , India and Arabia. l Bank Transfer - Is a normal bank-to-bank Today, the industry strives to meet the ever- Customers were rewarded with unique prizes at account transfer. This service is popular among the changing customer expectations to provide an each promotion. UAE’s expatriates for remitting money at highly everlasting customer experience. In response competitive rates. to this new demand, the brand has dived into l Xpress Money - Is a leading global instant-money deep technological knowledge and foresight to transfer service with over 170,000 agents across constantly fulfl needs and deliver solutions for the 140 countries. This service is popular among those customers. Employing state-of-the-art technology who don’t have a bank-account in their home with a human touch, the brand creates solutions countries. In this service the amount remitted can that can positively address each and every fnancial be collected by the benefciary by showing valid need, adding more value to the overall customer ID’s. experience. Foreign Exchange Some of the recent features the brand has implemented to enhance customer experience l Chip based Go-cash card - Is a MasterCard- are as follows: powered multi-currency prepaid card which can BRAND VALUES l The frst ever virtual assistant (Zoey) where be loaded at one-time with six currencies from The brand continues its journey to transform customers can clarify any queries through instant a basket of sixteen currencies. It can be used at itself into a sustainable platform that focuses messenger. It also facilitates online rate booking for any Master-card ATM and merchant locations on customer-centricity driven by collaboration, foreign currencies. worldwide. It has a rate lock-in facility therefore; and passion to grow. Its odyssey is propelled by l Considering digitalisation, the future of the the customer enjoys same rate at the time of obtaining adaptive learning and collaborative money transfer, UAE Exchange has initiated Online loading the currency despite rate fuctuations. mindsets combined with the core values of Money Transfer in the UAE through a new money Chip and PIN technology provides protection to Integrity, Commitment, Empowerment and Care. transfer mobile app and website. the customer against counterfeit and card frauds. UAE Exchange has implemented new l To make life easier for expatriates and their The security of the card is enhanced with mobile- global compliance policies and processes in families, UAE Exchange has introduced Cross OTP i.e. generated on every transaction. the organisation so that every transaction is border utility payment services initially with l Foreign Currency Exchange - This service is conducted securely, thereby building reliability Jordan, India and Egypt. Customers can carry out available across all branches of UAE Exchange, for the customers. The brand’s philanthropy is payments for their home countries related to where the customer can exchange currencies at revealed though it’s continued commitment insurance, telephone, water and electric bills and towards the welfare of society and by promoting exclusive rates. others. l Currency Buy-Back - This service was initiated business relations which beneft partners, l The brand has stepped forward to invest in associates and society at large. for those customers who have unused foreign various platforms to enhance its service quality currencies purchased from any UAE Exchange such as LOYYAL a block-chain based global loyalty www.uaeexchange.com outlet, the customer can visit the outlet and buy- platform, SWYCH a digital gifting solution to back the currencies at the same rate at which they boost purpose-based payments. had purchased, irrespective of the current rate THINGS YOU DIDN’T KNOW ABOUT fuctuation. UAE EXCHANGE

l Inaugurated 150th branch in DAMAC Metro station. l First ever all-exclusive Emirati Call Centre powered by Emirati female staff. l First exchange house with a virtual assistant “Zoey”. l First exchange house to secure permission from Central Bank to commence “Online Money Transfer” in the UAE. l Unveiled two more Corporate Lounges in National Paints and Karama. l Upgraded with ISO 9001:2015 and 14001:2015 for its outstanding quality management. l Recognised and honoured by Ministry of Human Resources and Emiratisation for hiring UAE nationals, and initiating them into jobs at all levels in the organisation. l First remittance brand in the to have The International Standard for Service Excellence 2012 certifcation. l Recognised and ranked among the top twenty best employers in the UAE by the Great Place to Work Institute.