Over the last decade, Promoth Manghat has overseen the development of UAE Exchange into one of the leading providers of remittance, foreign exchange and payments services in the country, transforming it into a truly global entity and building category leaders from various brands within the group.
Today, UAE Exchange has close to 800 direct offices in 31 countries, which are able to serve more than 15 million customers – the largest global network in its class. In 2016, UAE Exchange handled $29m in remittances globally, which represents 6.5 percent of the total remittance market share. It also handled $64bn in foreign exchange.
He is also leading the company’s expansion into the world of cutting edge technology.
One of its brands, Xpress Money, a global money transfer service, now enjoys a presence in more than 160 countries and over 180,000 agent locations, and offers account credit, mobile wallet, door delivery, ATM Payout and credit-to-remit card facilities. Its focus on digital innovation resulted in Xopoto, the world’s first app that enables money transfer through social networking sites.
Travelex, the world’s leading independent foreign exchange specialist, has a 13 percent share in the retail forex market globally. It has a global footprint including 1,500 stores and 1,300 ATMs across 27 countries. The presence includes all major international airports, seaports, rail and tourist locations of the world.