UAE billionaire businessman Dr. Bavaguthu Raghuram Shetty has launched a new UK-based holding company which will consolidate his global portfolio of financial services brands including UAE Exchange, Travelex, Xpress Money and others.
Finablr, which will comprise over 18,000 employees and handle more than 150 million customer transactions every year, is expected to accelerate customer-focused technology innovation through R&D efforts, industry ecosystem engagements, investments and potential acquisitions.
It will also rebrand non-UAE operations of UAE Exchange as “Unimoni”, short for “Universal Money”.
“Finablr is driven by our desire to lead the evolution of the financial services industry to meet the customer’s demands of tomorrow," BR Shetty, Finablr founder and chairman explained.
"Our strength comes from over four decades of trust that we have built with our customers through a track record of innovation and excellence in service,” he added.
The new group will also set up Innovation Hubs (i-Hubs) internationally to identify and develop disruptive trends in the fintech industry.
Through its Finablr investment arm, it will also continue the planned $250-300m investment and acquisition plans announced by UAE Exchange.
Promoth Manghat, executive director at Finablr, added: “As a network of category-leading and trusted brands, Finablr is uniquely positioned to lead the future of financial services for a seamless world. Keeping the innovation agenda squarely in sight, we have started our journey by collaborating with strategic partners and globally-renowned industry accelerator programmes.”
Finablr’s network of brands collectively affect over a billion lives through retail stores, agents and digital channels. It also has direct presence in 45 countries and reach across 165 countries.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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