It was established in 1980 by Dr B R Shetty to address the burgeoning fnancial needs of the expatriates who had come to Gulf during the oil and construction boom. The brand took the onus of providing every expatriate a share of the much talked about economic growth and freedom through the organised remittance channel. Today, the brand has exponentially grown. From a single branch in , (UAE), it has spread its footprint across 31 countries in fve continents and has a strong branch network of 800 branches. The brand’s dominant presence can be seen in the UAE where it has close to 150 branches spread across the seven emirates and seventeen branches in the Dubai metro stations. Over 9,000 professionals, representing more than 40 nationalities, strive to achieve excellence and bring delight to more than ffteen million customers worldwide. Strong correspondent banking relationships with over 140 global banks and smart technology add to its might, making it the widest globally networked remittance brand. UAE Exchange is also an ISO-certifed brand intimate brands in the UAE MARKET and a member of prestigious global associations. One of the prime factors in the economic industry in the UAE Brand Intimacy Report 2015 development of any country is the strong infow conducted by MBLM in partnership with Praxis. The biggest milestone for the brand was when PRODUCTS of remittances. According to the Migration and A true fnancial supermarket, the brand offers a it launched its frst ever “women-powered” branch Remittances Factbook 2016, the worldwide bouquet of fnancial services, customised to suit at the Dubai Airport Free Zone (DAFZA), UAE. remittance fows are estimated to have varied requirements of the customers. Some of exceeded USD 601 billion in 2015, of which “Women have become an integral part in them include:- USD 441 billion was estimated to be received by building stronger economies across all sectors FLASHremit is a popular service among the the developing countries. today. We too have been encouraging the expatriates residing in the UAE as it enables them 2016 was quite unpredictable and challenging participation of women across various spheres to conveniently transfer money real-time, directly due to the slump in oil prices, volatility of global in the organisation. Opening of the women- to their benefciary account in a secured manner. currencies and political instability in some parts powered branch is a part of our overall strategy Once the account is credited and the benefciary of the world. Yet, there was a steady increase in empowering women with leadership roles. We collects the funds from their respective bank in the cross-border remittances as most of the believe that this initiative will be a stepping stone counters, both sender and benefciary receive SMS remittance destination currencies depreciated in nurturing the career aspirations of the women,” notifcations. The brand has partnered with over during the year. said Promoth Manghat, Chief Executive Offcer of 140 banks across the globe for this service. , , Philippines, Pakistan, UAE Exchange Group during the inauguration. A MasterCard-powered multi-currency prepaid and were few countries that remained card, gocash, is another innovative product the top remittances receiving destinations, HISTORY from the brand. It offers the facility to carry triggering spike in remittances. While the Middle The story of UAE Exchange, a 36-year-old fnancial East, especially the Gulf, and North America six different foreign currencies from a pool of institution, is one of innovation, integrity, growth, showed prospective growth for remittances. sixteen in a single card and can be used at any For UAE Exchange, the leading global empowerment and globalisation. of the MasterCard ATMs or merchant locations remittance, foreign exchange and payment solutions brand, their global remittance volumes grew by around 12% year on year. The Arab sector witnessed a rise of around 8% while remittances to India stood at 6%. At present the global market share of the brand has increased to 6.5% from 6% in 2015. ACHIEVEMENTS The quest for excellence and the untiring commitment in going that extra mile to be one step closer to the customers is what drives UAE Exchange in achieving optimum quality across its operations worldwide. This endeavour has earned the brand a lot of laurels and awards, notable ones in 2016 being the coveted Dubai Quality Gold Award, International Business Excellence Award and Emiratisation Award by the UAE Minister of Economy. The brand was also ranked among the top three most

130 and Overseas Employment of Bangladesh and Embassy of Bangladesh in the UAE. Value-added services in terms of discount offers and additional benefts too were provided to customers. BRAND VALUES The brand’s journey is fuelled by the core values of Integrity, Commitment, Empowerment and Care. What makes UAE Exchange different is its customer-centric approach. Driven by People, Product and Process; the brand believes in “going that extra mile“ for its customers by providing them with prompt and customised services as per their fnancial needs. It has also implemented new global compliance worldwide. The exchange rate lock facility ensures Given the upward trends in cashless transactions, policies and processes in the organisation to the customer’s money is protected against any the brand is scaling up its offerings in the ensure that every transaction of each customer is currency rate fuctuation while the Chip and digital world, adding more value to the overall securely conducted. PIN technology in the card provides enhanced customer experience. protection to the customer against counterfeiting Along with providing traditional methods www.uaeexchange.com and card fraud. of money transfers at its retail branches, the Smart Pay was created with the intention leading remittance brand is also offering online of empowering corporate entities and their money transfer in over ten countries. Remitting employees. It is an initiative of the UAE Ministry opportunities through social media are also being of Labour and UAE Central Bank to streamline explored. It is also poised to line up mobile the salary disbursal process and complies with money transfers for the convenience of its the Wages Protection System (WPS). With this expatriate customers. service, the employees can visit any UAE Exchange The brand continues to strengthen its proprietary Cash Dispensing Machine (CDM) or technology capabilities keeping the customer at MasterCard-enabled ATM to withdraw their salary. the heart of its business. Strategic partnerships As for the employer, it provides them with the with technology specialists like SAP for Customer convenience of loading the salary to payroll cards Relationship Management (CRM), NICE Actimize through WPS. for Compliance, SunGard for Automation of Foreign currency exchange, credit card and Treasury operations and Jumio for digital utility bill payments and mobile top-ups are identifcation are some of the initiatives taken in other services offered by the brand from its 150 this regard. branches spread across the seven emirates in the United Arab Emirates. PROMOTION The various promotions organised at the branch RECENT DEVELOPMENTS and on social media platforms are a Though, expatriates continue to remit through the means to reward the customers for their brick-and-mortar structure, digital remittances, of continued patronage. late, are steadily growing. “Change Your Life Upgrade Your Style” summer This is due to the continued investment on promotion was one such initiative held in the UAE. new technologies by fnancial institutions to make The brand aimed to empower its customers and THINGS YOU DIDN’T KNOW ABOUT money transfer much more convenient, faster and bring a positive change in their lives through this secure for the expatriates. It is also in alignment campaign. 56 lucky winners took home cash prizes UAE EXCHANGE with the vision of fnancial inclusion as outlined amounting to USD 222,222. in the various government policies and agendas The brand also launched “Amar Bangladesh”, It is the First Remittance Brand to: across the world. a social awareness campaign on the importance l Sign up with the Asian Football UAE Exchange too understands that the world of remitting via formal channels among the Confederation (AFC) as an offcial sponsor of is pacing towards a new kind of fnancial services Bangladeshi expatriates residing in the UAE. It was national football competitions from 2016 till experience – the kind that is swift and convenient. supported by the Ministry of Expatriates’ Welfare 2020. l Operate the frst “women-powered“ branch in Dubai Airport Free Zone (DAFZA). l Earn the naming rights for a major Dubai Metro station and establish retail branches inside seventeen metro stations on the Dubai Metro network. l Reach one million Facebook fans. l Be recognised and ranked among the top twenty best employers in the UAE by the Great Place to Work Institute. l Be a World Economic Forum (WEF) member and regional partner. l Introduce “Hayakum“, a dedicated customer service centre for Arabs. l Offer “Taleem“, an internship and training programme involving real-time work experience, exclusively for Emirati students. l Get the coveted SWIFT membership in 1993 and have a MasterCard Principal Membership as well as tie-up with Visa for Visa Money Transfer initiative. l Have TISSE (The International Standard for Service Excellence) 2012 certifcation in the . l Have 6.5% global market share.