UAE Exchange suspends new transactions

uae exchange, BR Shetty, financial trouble

Dubai - A spokesperson cited operational challenges as the reason for the move.

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By Issac John

Published: Mon 16 Mar 2020, 11:16 AM

Last updated: Tue 17 Mar 2020, 6:02 PM

UAE Exchange, the leading money remittance chain in the region, has stopped accepting new transactions effective immediately.

The embattled firm, which has been beset by scandals related to its billionaire founder and chairman BR Shetty, sent a circular on Monday to all outlets to stop new transactions.

A spokesman told Khaleej Times that the move to temporarily suspend acceptance of new transactions at all outlets and also through online platforms was due to certain "operational challenges".

A spokesperson from London-listed Finablr, the holding company of UAE Exchange, speaking to Khaleej Times, said the suspension of transactions would be temporarily, and affirmed that everything would be back to normal soon.

"Due to certain operational challenges, we have temporarily suspended acceptance of any new transactions at UAE Exchange branches and via our online channels. We are currently focused on processing all existing transactions as quickly as possible," the company said.

"Our customer service touchpoints as well as UAE Exchange branches will remain open to support and attend to any queries customers may have. We apologize to our customers for any inconvenience caused," the spokesperson said.

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