UAE Exchange to acquire Remit2India

Remittance and foreign exchange firm UAE Exchange has reached a deal to acquire online remittance business Remit2India from Indian digital payment firm TimesofMoney.

Remit2India had more than 500,000 mainly Indian expat customers across the US, Canada, Australia and other countries.

The transaction forms part of UAE Exchange’s plans to boost its online presence and the company said it would improve its customer proposition across key western markets.

The value of the transaction was not disclosed.

Billionaire Dr. B. R. Shetty, chairman of UAE Exchange Group and founder and CEO of healthcare group NMC, described the acquisition as a “significant step” for the company’s strategy to excel in the digital space.

“Remit2India is a pioneer in online remittances and we look forward to combining our expertise and knowledge as the world’s leading remittance business with Remit2India technology, to complement and accelerate our growth,” he said.

The deal is expected to close in the first quarter of next year subject to approvals.

UAE Exchange handled $27.56bn of transactions last year and has 800 branches across 31 countries.

The company was said to be among the interested bidders for consumer finance company Dunia last year.

Read: UAE Exchange bids for finance company Dunia