UAE Central Bank Grants Approval in Principle for Wizz Financial To Acquire UAE Exchange

Press release

Published September 23rd, 2021 - 05:52 GMT

UAE Central Bank Grants Approval in Principle for Wizz Financial To Acquire UAE Exchange

UAE Exchange. (Shutterstock)

The UAE Central Bank has approved in principle for Wizz Financial, the leading fintech launched recently by Prism Group and its partner Royal Strategic Partners (RSP) which specialises in payment solutions, to acquire 100% of UAE Exchange Centre LLC. This in-principle approval for change of control satisfies a main formality required for the completion of the transfer of the business of the Finablr Group pursuant to the sale and purchase agreement entered into by all parties in December 2020. Once finalised, UAE Exchange will launch its branch network in the UAE.

“We are delighted to receive in-principle approval from the Central Bank of the UAE, and we are very thankful for the confidence, support and commitment the Central Bank and senior leadership of the country have shown us,” said Wizz Financial Co-Founder and Group Chairman Amir Nagammy.

“We help our customers flourish by making their financial transactions easier and faster, ensuring the smooth and timely movement of payments across the globe. The Central Bank of the UAE’s in-principle approval will enable Wizz Financial to position UAE Exchange at the forefront of fintech developments and cement the UAE’s reputation for innovation in this dynamic market sector, so essential to us all,” said Wizz Financial Executive Chairman of the Money Remittance & FX Division Ebrahim E. Nonoo.

“Our collaboration with Wizz Financial reinforces our commitment to offer our customers access to the most convenient, integrated financial solutions in the UAE. We are pleased to be part of the continuing UAE success story, creating innovative products and employment opportunities to serve the evolving economy,” said Royal Strategic Partners CEO Dr. Hamed Al Ali.

“The in-principle approval from the Central Bank of the UAE is a major milestone on the path to recovery for the Company. This reinforces our commitment to enable a seamless transfer of value across Wizz Financial’s global network and positions UAE Exchange at its remittance epicentre,” said Finablr PLC CEO Rob Miller.

Background Information

UAE Exchange

With a presence in more than 31 countries, UAE Exchange is a leading global remittance, Foreign Exchange and payment solutions brand. We are committed to provide our more than 15 million customers, with multiple financial solutions at one counter. With a team of 9000 employees, we operate in some of the world’s dynamic markets, and strive to offer our customers a wide range of financial products and solutions. With a focus on innovation and new product development, we are poised to help you address all your financial needs under one roof.