UAE Exchange
A UAE-founded remittance, foreign-exchange, and payment-services brand that expanded internationally under the UAE Exchange and Unimoni names. International remittance and currency exchange brand offering cross-border transfer solutions.
Last updated October 16, 2026
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Overview
UAE Exchange was a United Arab Emirates-based financial-services business focused on remittances, foreign-exchange transactions, bill payments, and related payment services. It opened its first branch in Abu Dhabi in 1980 and developed from a domestic exchange-house operation into an international network serving migrant workers, consumers, and corporate customers. Its business was particularly significant in the Middle East and South Asia, with India becoming its largest market outside the UAE. The company’s services included international money transfers, currency exchange, banknote services, payment collection, online transfers, and corporate payment solutions. It also developed or participated in a number of associated businesses and brands, including Xpress Money, Money2anywhere.com, and XPay. The group’s expansion combined organic branch openings with acquisitions and partnerships. By the middle of the 2010s, the wider network was reported to include hundreds of locations across numerous countries and a large employee base, with India accounting for a substantial share of its branches and personnel. UAE Exchange progressively added international infrastructure during the 1990s and 2000s. It became a SWIFT member in 1993, opened operations in Oman and Kuwait, and introduced additional transfer and card-related services. India entered the network in 1999 and grew into the company’s most extensive overseas operation. The business later established presences in Bangladesh, the United Kingdom, Sri Lanka, Australia, Hong Kong, Uganda, Jordan, Canada, New Zealand, China, and other markets. In 2009, its United Kingdom operation became an authorised payment institution under the country’s financial regulatory framework. From 2018, the company began changing the branding of many locations outside the UAE to Unimoni. The transition initially covered operations in countries including India, Fiji, Canada, and Australia, and was later extended to markets such as Hong Kong and Tanzania. The UAE Exchange name continued to be associated with the UAE business while the international retail estate increasingly used Unimoni branding. The brand became part of Finablr’s corporate estate in the late 2010s. In March 2020, UAE Exchange suspended new transactions while its parent group faced a severe liquidity and governance crisis. Finablr disclosed previously undisclosed financing obligations, was suspended from trading on the London Stock Exchange, and entered an administration and investigation process. UAE Exchange was placed under the supervision of the Central Bank of the UAE, which began examining the business’s regulatory compliance. The subsequent status of the UAE Exchange brand, its operations, and the proposed change of control remained subject to regulatory and corporate developments. Because public sources describe the company as both a continuing supervised business and a brand substantially reworked internationally as Unimoni, its present standalone status should be treated as uncertain.
History
UAE Exchange began operations in Abu Dhabi in 1980 as a money-exchange and remittance business. Its growth reflected the importance of cross-border payments to the UAE’s expatriate population and to commercial relationships between the Gulf, South Asia, and other regions. During the 1990s, the company built formal international-payment connectivity, becoming a SWIFT member in 1993. It also expanded into Oman and Kuwait and added transfer, card-related, and banknote services. India became a central part of the company’s international strategy after the launch of retail operations there in 1999. The Indian network subsequently became the largest outside the UAE, reaching hundreds of branches by the mid-2010s. The company also entered Bangladesh, the United Kingdom, Sri Lanka, and Australia, while developing services for both individual remittance customers and corporate clients. In 2001, it launched Xpress Money in the United Kingdom, a transfer brand that later became a separate business within the wider group. Corporate payment services were added in 2003, and online money transfers followed in 2004. Between 2005 and 2009, the network continued to broaden through new offices and acquisitions. UAE Exchange established operations in Hong Kong, Uganda, Jordan, Canada, New Zealand, and China, and acquired MoneyDart Global Services in the United States. It also launched Money2anywhere.com as an online transfer service and acquired XPay, a mobile bill-payment application in India. In 2009, its UK business became an authorised payment institution under the regulatory system then administered by the Financial Services Authority. By the 2010s, UAE Exchange had become one of the larger remittance businesses operating from the Gulf. Its network reportedly extended to hundreds of locations across more than 30 countries, with a significant concentration in India. The company operated through the UAE Exchange name in its home market and, increasingly, through alternative international branding. From 2018, it began converting many overseas locations to the Unimoni identity. This process started in India, Fiji, Canada, and Australia and later reached markets including Hong Kong and Tanzania. The business was incorporated into Finablr’s group structure in the late 2010s. In March 2020, serious problems at Finablr affected UAE Exchange directly. UAE Exchange suspended new transactions, while Finablr disclosed substantial previously undisclosed financing and faced uncertainty over its financial position. Finablr’s shares were suspended on the London Stock Exchange, senior leadership changed, and administrators were appointed to investigate the group’s finances and plan for potential insolvency proceedings. On 18 March 2020, UAE Exchange came under the supervision of the Central Bank of the UAE, which also began a regulatory examination. A proposed change of control received approval in principle in September 2021, but the referenced material states that the sale did not proceed and that the business remained under central-bank supervision. The international estate had meanwhile been substantially associated with the Unimoni brand. Accordingly, UAE Exchange’s historical development is well documented, but its current legal, operational, and brand status requires continuing verification.
- 2020
Central Bank supervision
[1]UAE Exchange was placed under the supervision of the Central Bank of the UAE during the Finablr crisis.
- 2018
International Unimoni rebrand begins
[1]Selected UAE Exchange locations outside the UAE began adopting the Unimoni name.
- 2009
UK payment institution authorisation
[1]The company’s UK operation became an authorised payment institution under the Financial Services Authority.
- 2004
Online transfers introduced
[1]UAE Exchange added online money-transfer functionality to its service portfolio.
- 2003
Corporate services and Australian expansion
[1]The company entered Australia and added services aimed at corporate and business-to-business customers.
- 2001
Xpress Money launched
[1]UAE Exchange launched Xpress Money in the United Kingdom as an international money-transfer service.
- 1999
Indian retail launch
[1]The company launched retail operations in India, which later became its largest overseas network.
- 1995
Expansion into Oman and Kuwait
[1]UAE Exchange opened operations in Oman and Kuwait and added transfer, card-related, and banknote services.
- 1993
Joins SWIFT
[1]The company became a SWIFT member and expanded its international payment capabilities.
- 1980
First UAE branch opens
[1]UAE Exchange began its operations in Abu Dhabi, establishing the foundation for its remittance and foreign-exchange business.
Products and positioning
A large, network-led remittance and foreign-exchange provider serving expatriate communities, retail customers, and businesses, with particular reach across the Gulf and South Asia.
Money transfer · 1980
International Remittances
The core service transferred funds across borders for retail customers, particularly expatriate workers sending money to families and beneficiaries in other countries. The offering was supported by a broad branch network and correspondent or partner relationships across the Gulf, South Asia, and other international markets.
Currency exchange · 1980
Foreign Exchange
UAE Exchange provided retail currency exchange and banknote services through its exchange-house network. These services served travelers, migrant workers, businesses, and customers requiring access to foreign currencies alongside remittance transactions.
Money transfer brand · 2001
Xpress Money
Xpress Money was launched in the United Kingdom in 2001 as a money-transfer service and later operated as a distinct business within the wider group. Its UK payment-services authorisation was withdrawn by the Financial Conduct Authority in 2020, subject to the regulator’s stated conditions.
Online money transfer
Money2anywhere.com
Money2anywhere.com was an online money-transfer brand introduced as UAE Exchange expanded beyond branch-based services and developed digital channels for cross-border payments.
Business payments · 2003
Corporate Payment Services
Beginning in the 2000s, the company added payment solutions for corporate and business-to-business customers. These services complemented its retail remittance and exchange operations and extended the brand into commercial payment flows.
Controversies
2020
Finablr financing and liquidity crisis
UAE Exchange was affected by the crisis at parent group Finablr, which disclosed approximately $100 million in previously undisclosed financing, faced uncertainty over its financial position, and was suspended from trading on the London Stock Exchange. UAE Exchange suspended new transactions and was subsequently placed under Central Bank of the UAE supervision.
2020
Withdrawal of Xpress Money UK authorisation
The UK Financial Conduct Authority withdrew Xpress Money Services Limited’s authorisation for its previously authorised payment-services activities, with limited activity permitted only as agreed with the regulator.
Marketing campaigns
- 2018Unimoni international rebranding
India · Fiji · Canada · Australia · Hong Kong · Tanzania
UAE Exchange began replacing its name with Unimoni at overseas locations, separating the international retail identity from the UAE-focused UAE Exchange brand. The rebranding expanded to additional international markets, although the later status of all locations is not established by the supplied material.
Outcome. The rebranding expanded to additional international markets, although the later status of all locations is not established by the supplied material.
Brand decisions
2020
Suspend new transactionsOtherBackground
The decision followed operational difficulties during the wider Finablr financial crisis.
Action taken
UAE Exchange announced that it was suspending new transactions while the business faced operational uncertainty.
Aftermath
The company was placed under Central Bank of the UAE supervision and subjected to a regulatory examination.
2018
Adopt Unimoni for overseas operationsStrategyBackground
The company sought to create a more internationally transferable identity while retaining the UAE Exchange name in its home market.
Action taken
Selected overseas branches began changing their branding to Unimoni, starting with India, Fiji, Canada, and Australia.
Aftermath
The Unimoni identity was subsequently used in further markets, including Hong Kong and Tanzania.
Recent events
Reported
UAE Exchange rebrands to Unimoni in Tanzania[4]
UAE Exchange announced on Tuesday that it had rebranded to Unimoni in Tanzania.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
- Unconfirmed
Unimoni wins two FiRE Awards[5]
Unimoni won the FiRE Awards in the ‘Forex Bureau’ and ‘Reporting under IFRS for SMEs’ categories.
Sources5 sources
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