EXISTING MARKETS

Abu Dhabi 2017 | FINANCE | COLUMN

TBY talks to Promoth Manghat CEO, UAE Exchange, on the sector.

Promoth Manghat

Since taking over the leadership of UAE Exchange, how have you transformed the vision of the company?

Since becoming CEO in 2014, I have aspired to turn the UAE Exchange into a truly global business. In 2014, we took an inorganic route when we acquired Travelex, a large foreign exchange company with a strong presence in Europe and the Americas. This move proved beneficial for our business, since we already had a strong presence in MENA and Southeast Asia, going from 28 countries to our current coverage of 43 markets. Through Travelex we gained market access to countries such as the UK, US, Turkey, Australia, and Brazil.

What markets are you planning to enter and what are your projects for 2017?

Our primary focus is our existing markets and working to ensure our services are available through as many channels as possible. We launched our online services in Kuwait in 2014 and in Qatar in 2015; we hope to do the same in the UAE soon. Elsewhere, we secured a banking license in France with a view to launching a virtual bank and are looking toward several markets in Africa and Asia.