UAE Exchange Joins ‘Fight Hunger’ Cause with UN World Food Programme

Contributes AED 100,000 to feed school children in Africa as part of its CSR initiatives
Dubai, UAE, July 3, 2013: The leading global remittance and foreign exchange brand, UAE Exchange, today announced support for the UN World Food Programme (WFP) to fight hunger as part of the brand’s continuing community support initiatives across the world. Towards this an event was jointly organised by UAE Exchange and WFP.

The global money transferrer has a wider CSR mandate, which spans across various countries and the initiative in Africa was one such significant gesture in its campaign to make the world a better place to live and to contribute to the cause of fighting hunger among school children in Africa. Daily school meals encourage parents to send their children to school regularly and help students concentrate better in class.
Announcing a contribution of AED 100,000 to WFP’s school meals programmes in Africa, Mr. Y Sudhir Kumar Shetty, COO – Global Operations, UAE Exchange, said, “This contribution is an endorsement of the great efforts done by WFP to fight hunger in Africa and a humble step from our side to contribute to causes as pertinent as hunger and food security. As a brand, which mainly serves the ‘bottom-of-the-pyramid’ segment, we understand the difficulty of scarcity in life, especially that of food. We are more than glad to support WFP for the cause.”

“At UAE Exchange, we believe in joining with partners, who make a difference to the world. A lot needs to be done in Africa to address the basic needs like hunger, more so among the next generation. Hence we feel honoured to join hands with the UN World Food Programme for the school meals programme and thus do our bit to build a healthier world.” said Mr.Promoth Manghat, Vice President – Global Operations,
UAE Exchange.

Mr. Ashraf Hamouda, Regional Head of Private Partnerships & Business Development, WFP, said. “Daily school meals make a huge difference for many children in Africa who may not have anything else to eat. With UAE Exchange’s support, more children will have the opportunity to go to school, which means a better future for them, their families and their communities.”

The event was attended by senior officials from UAE Exchange and WFP along with special invitees and the Media.

For more information, log on to www.uaeexchange.com

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#Indian expatriates welcome softening #rupee

Renewed softness in the currency is providing an opportunity for Indian workers in the UAE to send more money home, but the weak rupee is negative for India’s push to attract more foreign investment. The dirham is pegged to the US dollar, so its strength means that more rupees can be bought by each dirham.

“Though Indian expats are making merry by taking advantage of the rupee fall to remit more money home, the nation’s economy is definitely not in its best phase now,” saidPromoth Manghat, the vice president of global operations at UAE Exchange. There does not seem to be “any positive sign for the rupee going up the ladder”, he added.

India is the largest recipient of remittances in the world, receiving US$69 billion last year, according to the World Bank. The Middle East is the region from which India receives the biggest flows of remittances. The rupee on Wednesday weakened to 56.3 against the dollar during trading. This meant that Dh1 was worth more than 15 rupees. The rupee has declined by about 4 per cent against the dollar since the beginning of the month.

“The weakness of the rupee in recent weeks is predominantly due to international factors,” said Naveen Mathur, the associate director, commodities and currencies, at Angel Broking.

“The dollar index is gaining strength and that is one of the major reasons which is having a weakening effect on the rupee. That’s because of the Fed talking about the reversal of QE in due course and at the same time the US data is also coming a little positive.”

A weak Indian rupee is negative for India in terms of its current account deficit, which is already a concern. As a major importer, a weaker currency drives up the costs of imports, which can widen the current account deficits.

The weakness of rupee definitely leads to pressure on imports,” said Mr Mathur. “Weakness in the currency impacts the financial balance sheet and the same time it impacts the brand which you carry for a country. If you’re looking for inflows coming in from the foreign markets, FDI, the rupee weakness will definitely impact the kind of returns which these organisations would look for.”

“With the rupee plunging by around 2 per cent in just [over] a week, this is good news for the non-resident Indian community, who are in the habit of remitting money to India regularly,” said Adeeb Ahamed, the chief executive of Lulu International Exchange.

But the effects in India are largely unfavourable. “It is a cause of concern for policymakers, investors, businessmen and even the common man,” said Mr Ahamed. “The depreciating rupee raises the price of imports. India mainly imports crude oil, fertilizers and gold. This, in turn, has a domino effect on cost of living and inflation.”

P Chidambaram, India’s finance minister, met Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Sheikh Hamdan bin Rashid, Minister of Finance, on Sunday to discuss relations and investment between the countries.

This was part of a series of roadshows that Mr Chidambaram has been undertaking to attract investment to India, which has also included visits to Paris, Doha, and London.

Data to be released soon is expected to show that India’s economy slowed to the lowest level of growth in a decade in the last financial year. Adding to India’s economic woes, the ratings agency Standard & Poor’s this month warned that India still faces a one-in-three chance of having its credit rating downgraded to junk status within the next year.

Source:
business@thenational.ae

#UAE Exchange joins hands with #AADC for easy #bill payments

UAE Exchange has entered into an agreement with Al Ain Distribution Company (AADC) for bill payments by cash. Customers of AADC can now walk in to any of the 124 branches of UAE Exchange, across the UAE, to pay their bills.
Customers of Al Ain Distribution Company (both commercial and residential) can walk in to any of the UAE Exchange branches in the UAE and pay their bills effortlessly. This new service is the result of the tie-up between the leading global remittance and foreign exchange brand and the emirate’s distribution company.

“UAE Exchange constantly works towards bringing more convenience to its customers. Every alliance is entered into keeping this in mind.” said Mr. Promoth Manghat, Vice President – Global Operations, UAE Exchange. “This new payment option would certainly benefit the customers of the Al Ain Distribution Company as UAE Exchange has one of the widest branch networks in the UAE among remittance brands, which could be accessed easily from any point in the country. Our extended branch timings would also add more convenience.” added Mr. Manghat.

“We are glad to partner with UAE Exchange. Seamless customer service has been the motto for both UAE Exchange and for AADC. AADC has always discovered new ways of making its customers comfortable and we are sure that the extensive network, which UAE Exchange possesses across the country will help our customers to clear their bills faster.” said Mr. Mohammed Salem Al Shamisi, Managing Director, AADC.

UAE Exchange offers a wide range of services, which meets every financial need of its six million plus customers. The range includes FLASHremit, the real-time bank account credit service; Xpress Money, the instant money transfer service with over 170,000 payout locations in more than 150 countries; Money2anywhere.com, the convenient online money transfer portal by which money can be sent to any corner of the world in just a few clicks from an internet environment anywhere; Smart Pay, the WPS-compliant leading payroll solution; gocash, the multi-currency prepaid travel card and XPay, the online bill payment service using mobile phone. UAE Exchange is also a leading agent for Western Union, the popular global instant money transfer service with over 5,00,000 agent locations, across over 200 countries and territories. These popular services have made UAE Exchange a true financial supermarket.

AADC is the sole distributor of water and electricity in the Eastern Region of the Emirate of Abu Dhabi. This includes the ownership, operation and maintenance of the water and electricity distribution network assets, meter reading, and services for the supply of water and electricity.

The event to announce this tie-up was attended by senior officials of UAE Exchangeand Al Ain Distribution Company, special invitees and the Media.

For more information log on to: www.uaeexchange.com

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UAE Exchange and Bahrain-based Dadabhai Travel, join hands for cash collection services

UAE Exchange, the leading global remittance and foreign exchange brand and Bahrain-based leading travel company, Dadabhai Travel today announced their joining hands for cash collection services in the UAE.

From left – Mr.Vijay Menon, Executive Director – Dadabhai Travel, Mr.Promoth Manghat – VP – Global Operations,UAE Exchange, Mr.Varghese Mathew – Country Head – UAE , UAE Exchange.

Under the partnership, customers of Dadabhai Travel can now make payments for their travel bookings at any of the 124 outlets of UAE Exchange in the UAE, bringing more convenience and ease of access to travel customers. Addressing the media at a signing ceremony, Mr. Promoth Manghat, Vice President – Global Operations, UAE Exchange, said: “We have a long relationship with Dadabhai Group in the Kingdom of Bahrain. Authorising us to collect payments on their behalf in the UAE only goes to show the trust they bestow on this relationship.”

“Both UAE Exchange and Dadabhai Travel aim to bring maximum convenience to the customers. With this partnership, customers can now easily walk in to any of our widely networked branches in the UAE and make payments conveniently. This joining of hands is yet another step towards our aim of bringing more services under one roof. We are very positive about this new dimension to our relationship with this progressive group.” he added.

The new bill payment facility is the latest in the bouquet of services, which UAE Exchange offers under a single roof. The services portfolio of the UAE Exchange spans bank transfers, instant money transfers, currency exchange, utility bill payments, credit card bill payments, payroll solutions, prepaid travel cards, wealth investments and more.

Mr. Vijay Menon, Executive Director, Dadabhai Travel, said: “We are glad to partner with UAE Exchange in the UAE. As entities, we share a similar vision, when it comes to enhancing customer experience. This comes from the rich values on which the entities are built on. Dadabhai Travel has always tried to bring more value to customers.”

“This new partnership will take customer convenience to a new level. They can book their required services through us and then walk in to any UAE Exchange branch to pay easily, confirm the booking and collect their itinerary conveniently. The wide branch network and goodwill that UAE Exchange has built in the UAE, in the past 32 years, is unparalleled and we are sure that our customers will only gain with this new arrangement,” he added.

For more information log on to: www.uaeexchange.com

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China becomes the latest and major link in the UAE Exchange global network

UAE Exchange, the leading global remittance and foreign exchange brand, started its retail operations in China with the inauguration of Himalayas Centre Mall branch in Pudong District of Shanghai.
“Great news for all Chinese expatriates and travellers to China.”, said
Mr. Y. Sudhir Kumar Shetty, COO – Global Operations, UAE Exchange, on the occasion of
UAE Exchange launching its retail operations in China. “Now they can join millions of our happy customers to experience our foreign exchange services. They can enjoy the same brand experience, which has made us a global leader in money service business. We feel privileged to serve the global Chinese community and people travelling to China. As a responsible organisation entering this new and gigantic market, we hope to adapt ourselves to the culture and best practices in China and also live up to the expectations of our customers, partners and regulators in China.”, he added.

China is the one of the most active markets in foreign exchange realm and it is apt for the leading player in the business to start its retail operations here. With this move, the world’s most populous country became the latest and a major link in the global network of UAE Exchange. This entry is in line with the UAE Exchange’s vision to spread its wings aggressively, worldwide. With the inauguration of the Himalayas branch in Shanghai, UAE Exchange initiated its retail operations in the land of the great wall. The branch is located at the lower level of the Jumeirah Hotel in the newly built Himalayas Centre Mall.

“We are extremely grateful to the Chinese authorities in the State Administration for Foreign Exchange (SAFE) for giving us this opportunity to prove our capability in the China market. Our special thanks go to our long-time partner, the Bank of China, for guiding us through this process.”, pointed out Mr. Sudhir Shetty.

Mr. Promoth Manghat, Vice President – Global Operations, UAE Exchange, said, “We are extremely delighted to start our operations in China. Like every other market in the world, which we entered, China too offered us a warm welcome. We bring to the table, the customer-centric approach and the passion to excel, the very same elements, which made us the most preferred brand worldwide.”

UAE Exchange entered China with 31 years of experience in the remittance and foreign exchange business backed by the state-of-the-art technology and a dedicated customer service team. This customer-oriented organisation is sure to emerge into a brand trusted for its legendary quality initiatives.

Its penchant for quality has earned the brand many awards including the Banker Middle East Product Award, Dubai Quality Award, Sheikh Khalifa Excellence Award, Sheikh Mohammed bin Rashid Al Makhtoum Business Award, Dubai Human Development Appreciation Programme, Dubai Service Excellence Scheme Award, Best Partner by Emirates National Development Program, UAE Emiratisation Award, Deutsche Bank STP Excellence Award, Customer Service Week Star Award in 2009 & 2011, ISO 9001 & 14001 certification and voted Superbrand status in 2009, 2010, 2011 and 2012 consecutively and more.

The first UAE Exchange branch in China was inaugurated last week, amidst much fanfare. The occasion was graced with the august presence of the PBOC Deputy Director for Balance of Payments, Mr. Lu Weixiomg, and other officials of the State Authority for Foreign Exchange, senior officials of the Bank of China, China Union Pay and UAE Exchange along with special invitees and the Media.

Mr. Lu extemporaneously penned a poem to mark the significant occasion, adding to the atmosphere of celebration.

Branch Name: Himalayas Branch, Shanghai

Address: Shop F, Level B1, Zendai Himalayas Centre
Lane No 1188 Fangdian Road, Pudong New Area, Shanghai, China.
Telephone: +86 21 60479707/08
Fax: +86 21 60479706
Email: himalayasbranch.shanghai@cn.uaeexchange.com

Working Hours:
Mon – Fri : 09:30Hrs – 20:30Hrs
Sat & Sun : 10:30Hrs – 19:30Hrs

For more information, log on to: www.uaeexchange.com

Exciting finish to Money2anywhere ‘Refer & Win’ contest from UAE Exchange

> Promotion was conducted across seven countries
> Winners, from across countries, bagged iPhone4, iPad2 and Galaxy Tab

Yes…one word of reference has brought in luck to Mr. P. E. Philip (Kuwait), Mr. Hardip Singh Sidhu (Canada) and Mr. Anish Joseph (Australia), as they have been selected as the first, second and third prize winners, respectively, in the recently ended Money2anywhere Refer and Win Contest 2012, by UAE Exchange, the leading global remittance and foreign exchange brand.

The contest, which ran on the official Facebook fan page of Money2anywhere(www.facebook.com/money2anywhere) from 15th February to 15th April, 2012, gave away exciting prizes including iPhone4, iPad2 and Galaxy Tab to the winners. All fans, who referred three friends to the online money transfer portal, were eligible for the draw, which was held on 20th April, 2012 at the Global Head Quarters of UAE Exchange in Abu Dhabi.

“Congratulations to all the winners”, exclaimed Mr. Promoth Manghat, VP – Global Operations,
UAE Exchange. “At UAE Exchange, we were glad to see the overwhelming response, which we received during the promotion. This goes to show how much Money2anywhere is appreciated and trusted. The online portal witnessed over 70% growth in 2011 and this contest opened the gates for more people to get introduced. We are extremely thankful to all participants for being our brand ambassadors and strengthening our customer-base further through your referrals. It is your unstinting support that has made Money2anywhere a fast-growing online remittance portal.” added Mr. Manghat.

The contest was conducted in seven countries, which include Australia, Bahrain, Canada, Kuwait, New Zealand, United Kingdom and United States of America, where the Money2anywhere service is available. Under the wings of UAE Exchange, this online portal enables its customers to send money to any corner of the world using credit / debit card or bank account, with an internet connection from anywhere.

Apart from Money2anywhere, UAE Exchange offers a wide range of services backed by state-of-the-art technology. Its services meet the financial needs of over 3.5 million customers, worldwide. The range includes Xpress Money, the instant money transfer service with over 135,000 payout locations in more than 125 countries; FLASHremit, the real-time bank account credit service; Smart Pay, the WPS-compliant leading payroll solution; XPay, the online bill payment service using mobile phone; and gocash, the prepaid travel card. These popular services have made UAE Exchange a true financial supermarket.

UAE Exchange has built the largest global network, among remittance brands, with over 570 direct offices in 30 countries. Its strong correspondent relationship with over 150 global banks further adds to its might. This online promotion was one among the many that the remittance major has conducted in its social media network, which too had received a similarly overwhelming response. More such promotions are being planned out to thank the strong online community that UAE Exchange has built in the social media space.

The event was attended by senior officials of UAE Exchange.

For more information, visit www.uaeexchange.com, www.money2anywhere.com