The Abu Dhabi-based UAE Exchange Group is planning to expand to the biggest market in the Gulf – Saudi Arabia confirmed its CEO Promoth Manghat. It is also interested in acquiring more fintech companies to grow its presence in the Kingdom. At the same time, it would also increase its market share in the UAE by opening six new branches. By the end of the year, the total number of branches would increase to 153.
In addition to its expansion plans in Saudi Arabia, the UAE Exchange would also continue supporting the local startup ecosystem actively. Manghat believed in the high potential of the UAE when it comes to adoption of fintech and other high-end technologies. The remittances company already established a USD 250 million fund to invest in promising fintech startups.
Manghat commented it had closed only 20% of that and would be looking for more acquisition opportunities across the world:
We cannot do everything organically on our own; there are better things available in the market for us. Acquisitions are one of the routes; the shared economy is the word.
Most recently, the UAE exchange has acquired the India’s Remit2. It also invested in the blockchain firm Loyyal and the digital gifting platform Swych. In the next couple of days, it would also announce two more deals, said Manghat.
Asked about the current condition of the remittances market, he said it was ”challenging but not catastrophic.” However, its growth nowadays could not be compared to the situation
They also invested in Swych, a digital gifting platform, and are expected to announce two more acquisitions in the coming days.
On the remittances front, Manghat said the market is definitely challenging but is not catastrophic. However, due to the presence of a large number of players, the market is still competitive. According to him, the best markets for remittances nowadays are India, Philippines, Nepal, Egypt, and some African countries such as Uganda, Ethiopia, and Kenya.