UAE Exchange halts new transactions
The remittance powerhouse says move as a result of “certain operational challenges”
Dubai: UAE Exchange has decided to temporarily suspend any new transactions at all of its branches and its online platforms.
“Due to certain operational challenges, we have temporarily suspended acceptance of any new transactions at UAE Exchange branches and via our online channels,” UAE Exchange said in an emailed statement.
“We are currently focused on processing all existing transactions as quickly as possible,” the company added, while apologizing to its customers for any inconvenience caused.
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Owned by the UAE-based billionaire Dr B.R. Shetty and a subsidiary of London-listed Finablr, UAE Exchange said its customer service touchpoints as well as its branches will remain open to support and attend to any queries customers may have.
Shetty come under fire recently after another company it founded, hospital operator NMC Health, was targeted by short seller Muddy Waters. The founder resigned amid investor concerns that he misrepresented his stake.