Project Money Exchange

Deal Synopsis: This is a Money Exchange firm has been in business for over 43 years. All branches are in high foot area on different parts of emirates. KEY HIGHLIGHTS: ·       Distribution of Branches: 2 branches in the emirate of Dubai, one Branch each in the Emirates of Abu Dhabi and Sharjah. All branches except Sharjah branch are newly relocated to the current premises with new Look and feel theme. ·       Category of License: B (Remittance and Foreign Currency transactions) ·       Type of Ownership: Sole proprietorship ·       Central Bank Compliance level: Fully complied with the latest regulation issued in 2018 March. ·       Current Risk rating by CBUAE: Medium (All approvals viz. Transfer of ownership, Correspondent bank relationships, Name change/ rebranding request are approved by CBUAE due to this level of rating.) ·       Software used: FX Plus ·       Hardware: Cloud based infrastructure with full-fledged Primary, Disaster Recovery and back up servers. (Fully complied with the Disaster recovery and Business Continuity stipulation) ·       Current Activities and arrangements: Full-fledged operations restarted in the month of July 2019 focusing retail home remittances