The marriage of finance and technology has brought in a sea change in the financial services industry . A new creed of fintech enterprises , born-on-the-web and riding the new digital wave , are disrupting the financial ecosystem with out-of-the-box ideas that focus on enhancing customer experience . Customers , on their part , are increasingly shifting towards digital channels that provide convenience and value . Their loyalties are with the meritorious
Money transfer seems to be the most impacted segment by this new innovative digital wave . In this scenario , will traditional service providers get to surf and stay afloat ? Will they stay relevant ?
This brings us to UAE Exchange , a leading money transfer service provider , constantly in news with its recent foray into the fintech segment . It won the Emerging Digital Leader Award at the recent Digital Leader Awards ceremony held in Dubai , UAE . The fact that a 37-year old traditional money transfer brand won such an award , in spite of its long legacy , caught our attention . Business Review Middle East sought to understand how UAE Exchange Group serves as an antithesis of organisational gravity .
A financial conglomerate UAE Exchange is part of a global financial services group serving more than 15mn customers .
The group handles 6.5 % of the global remittances and 7.1 % of foreign exchange through two category leaders – UAE Exchange and Travelex – in the group . Along with the two brands , the group is home to three others : Xpress Money , an instant money transfer brand ; Remit2India , an online money transfer portal ; and Ditto Bank , a fully digital bank regulated by ACPR in France and the ECB . The other services offered by the group include prepaid cards , salary disbursal solution and bill payments . Additionally , the group has banking licenses in Brazil , lending
156 December 2017