Dubai: The UAE based financial services conglomerate that includes, UAE Exchange, Travelex and Xpress Money on Monday announced the creation of a new holding company, Finablr, consolidating various financial services companies and brands under one umbrella.
Incorporated in the UK, the new entity will provide strategic direction and oversight to its financial services brands across its network.
As part of the consolidation, the new holding company will rebrand the non-UAE operations of UAE Exchange as Unimoni.
The new entity will combine the expertise of its network brands such as UAE Exchange, Travelex and Xpress Money to deliver innovative-technology-driven financial services. UAE Exchange acquired Travelex in January 2015 for a reported $1.14 billion (Dh4.18 billion).
“Finablr is driven by our desire to lead the evolution of the financial services industry to meet the customer demands of tomorrow. Our strength comes from over four decades of trust that we have built with our customers through a track record of innovation and excellence in service,” said Dr. B.R. Shetty, Founder and Chairman of Finablr.
Currently Finablr network brands have a direct presence in 45 countries and a network reach across 165 countries. Post-consolidation, subject to regulatory clearances, the new entity has plans to go for an initial public offering and list its shares on London Stock Exchange. NMC Healthcare, a health care company promoted by Dr Shetty is already listed on LSE.
While consolidating the financial services business of the group, the new holding company seeks to accelerate customer-focused technology innovation through R&D efforts, industry ecosystem engagements, investments and potential acquisitions.
“Finablr will bring together the strengths across its network brands and investments in digital technologies to build scalable, cost-efficient customer propositions to enable and empower them. We see Finablr as an innovation platform that converges the strengths and capabilities of our network companies and a range of ecosystem partners,” said Binay Shetty, Executive Director at Finablr.
Consolidating its global financial services business, Dr Shetty said he will continue to pursue his interest in getting a banking licence in India as the group will reach out to its customer base through both branch based and technology driven service delivery channels.
“Finablr is uniquely positioned to lead the future of financial services for a seamless world. Keeping the innovation agenda squarely in sight, we have started our journey by collaborating with strategic partners and globally-renowned industry accelerator programmes,” said Promoth Manghat, Executive Director at Finablr.
In its efforts to embrace new technologies that transform the way customers and businesses engage, Finablr is setting up Innovation Hubs (i-Hubs) across its global network. i-Hubs will identify disruptive trends in the industry and implement innovations that deliver enhanced business benefits to its network of brands.
Through its investment arm, the new holding company plans to acquire capabilities that complement its portfolio through inorganic pursuits. The Finablr investment arm will continue the inorganic pursuits on behalf of its network brands, including strategic investments and acquisitions plans of $250-300 million.
“Through investment in research and technology, we will bring forth game-changing products and services across our portfolio of brands, to ensure we maintain our competitive edge, said Binay Shetty.