• Plans to emerge as a full-fledged Non-Banking Financial Services Company with a wider bouquet of products in its portfolio.
• Appoints industry veteran Amit Saxena as MD and CEOof India operations.

As part of its global rebranding exercise, UAE Exchange, a leading global money transfer, foreign exchange, payments and credit solutions brand, has rebranded its India operations to “Unimoni”.

Unimoni India seeks to transform into a full-fledgedNon-Banking Financial Services Company (NBFC) by adding a range of financial services for consumers and corporates, including small business loans, housing and consumer loans, to its offerings.

This transformation in India will be led by Mr. Amit Saxena, who recently joined as the Managing Director and Chief ExecutiveOfficer of Unimoni India. An industry veteran, Mr. Saxena has prior experience in setting up Karvy and Standard Chartered NBFC businesses, and has had early exposure in Consumer Finance with Citigroup. He is an alumnus of BITS Pilani, IIM Lucknow and Harvard Business School.

Unimoni, coined from “Universal Money”, will provide a broader spectrum of innovative financial services across geographies, currencies and channels, enabling customers to achieve their financial ambitions, through a seamless network. Currently, Unimoni is present pan-India with 376 exclusive branches and has a 3,500-strong workforce.

UAE Exchange’s global rebranding exercise follows the creation of “Finablr” by noted UAE-based Indian businessman and philanthropist, Dr. Bavaguthu Raghuram Shetty. Finablr brings together Dr. Shetty’s portfolio of category-leading global financial services brands including Unimoni, UAE Exchange, Travelex, Xpress Money and Remit2India under one holding company.

Speaking on the occasion, Dr. B.R. Shetty, Founder and Chairman at Finablr, said, “In the last decade, India has witnessed multi-fold economic growth and gave us the opportunity to grow with it. However, a large portion of the country’s population is still grappling with issues of capital inaccessibility. With the new brand Unimoni, we are committed to driving the agenda of financial empowerment through technological innovation and bridging this gap.”

Mr. Promoth Manghat, Executive Director at Finablr and Group CEO, added, “We are witnessing rapid growth and major transformation across our business verticals in different countries of operations. India is a particularly important market for our group with significant investments earmarked for new innovative offerings, enhancements and capability development through in-house efforts and strategic associations. We are all set to expand our portfolio of retail and digital assets to further enrich the experience and value we provide to our customers through our vast network, underpinned by our technology prowess. We are confident that India will play a key role in taking the group’s global and regional ambitions forward, while also contributing to our vision of financial enablement and empowerment.”

Chalking out the roadmap, Mr. Amit Saxena, MD and CEO, Unimoni India, said, “Our aim is to serve 150 million households in middle India or ‘India 2’ and offer the emerging Middle Class, small businesses and conventional borrowers with high quality retail financial services. Our affordable offerings are easily accessible through our technologically-advanced and widespread distribution network. We are well-poised to take Unimoni on its projected path in India as we look to expand our loan book eight folds over the next few years and increase our footprint through both digital and physical networks.”