Finablr launched in UAE

UAE-based businessman and philanthropist, Dr. Bavaguthu Raghuram Shetty announced the creation of “Finablr”, a new holding company which, subject to regulatory approvals, will consolidate his global portfolio of financial services brands under one single umbrella. Incorporated in the UK, Finablr will provide strategic direction and oversight for the category-leading brands across its network.

Finablr also seeks to drive financial enablement and empowerment by accelerating customer-focused technology innovation through R&D efforts, industry ecosystem engagements, investments and potential acquisitions. As a diversified network, Finablr will combine the cumulative industry expertise of its trusted network brands including UAE Exchange, Travelex, Xpress Money etc. to deliver innovative-technology-driven and market-leading experiences. As a platform of complementary capabilities, the Finablr network will facilitate seamless and connected experiences for individuals and enterprises.

With over four decades of industry experience, 18,000+ employees, and handling more than 150 Million customer transactions annually, the Finablr network brands boast an impressive global footprint. Collectively touching over a billion lives through its retail stores, agents and digital channels, the Finablr network brands have a direct presence in 45 countries and a network reach across 165 countries. Technology innovation and integration into the new economy is key to Finablr’s growth strategy.

In its efforts to embrace new technologies that transform the way customers and businesses engage, Finablr is setting up Innovation Hubs (i-Hubs) across its global network. i-Hubs will identify disruptive trends in the industry and implement innovations that deliver enhanced business benefits to its network of brands. Through its investment arm, Finablr will seek to acquire capabilities that complement its portfolio through inorganic pursuits. The Finablr investment arm will continue the inorganic pursuits on behalf of its network brands, including strategic investments and acquisitions plans (of USD 250-300 Million) announced by UAE Exchange.

Finablr has also announced the intent to rebrand the non-UAE operations of UAE Exchange as “Unimoni. Short for “Universal Money”, Unimoni will offer a broad spectrum of financial services and will build on the brand equity and legacy of UAE Exchange.