May 21, 2015
- Plans to open over 50 branches across India
- Crosses the milestone of loans worth Rs 500cr
Kochi: UAE Exchange India, one of the leading financial services firm, is hoping to get a small banking license and has changed its business model. Earlier, it had focused the entire business on remittances and foreign exchange services. It is now expanding the reach to focus on small-size loans, to target financial inclusion. Currently, UAE Exchange has a network of 400 branches across India and plans to add over 50 branches every year. In March 2015, the company crossed the milestone of loan book worth Rs 500 crore which is growing over 100% year on year.
Mr. V George Antony, Managing Director of UAE Exchange India said, “UAE Exchange India decided that financial inclusion is an important criteria which was missing in their offerings and considers that it is the only parameter why we failed to receive a banking license last time. Hence, we have started offering small-size personal loans and two-wheeler loans. The idea of giving personal loans is only for financial inclusion. We have moved into the domestic loan business and are very focused on it. We realised that if you really want to be in the financial sector, you have to be in the credit business. The maximum amount we are offering is Rs 50,000 and there is a lot of demand for it. As of now, our total loan book size, including gold loans, is around Rs 500 crore.”
UAE Exchange India plan is to double the loan book size year on year. Before starting the loan vertical, the revenue mix was 50% from the foreign exchange business, 30% from money transfer and 20% from the travel and tour business. With the new focus on loan disbursement, this contributes to about 38 % of total revenue. Forex is 38% and the money transfer business has come down to 15%. Travel contributes only 9%.
To strengthen the financial inclusion drive, apart from offering loans, the company is looking at getting into the e-wallet space and plan to announce the roll out very soon. They also plan to roll out e-KYC, reducing time and cost for the new accounts.
About UAE Exchange India:
UAE Exchange India is one of the leading player in finance sector with numerous products offered in inward remittance, foreign exchange, travel & tours, pre-paid cards, loans (gold loan, auto loan, agri loan, and personal loan & home loan), insurance, share trading & demat. It has presence across India with over 400 branches, employees over 3800 people and 5000 agents.
About UAE Exchange Global:
UAE Exchange is a leading global remittance and foreign exchange brand, with direct operations spanning over 30 countries across five continents with more than 700 branches, which makes it the largest globally networked remittance brand in the world. Correspondent banking relationship with more than 150 global banks adds to its might. Additionally its associations with many leading brands globally bring several value-added products and services to over 6 million customers, worldwide. In the UAE, the brand has a leading presence with a network of 124 branches, out of which 14 are in the Dubai Metro network. UAE Exchange is the first remittance brand in the UAE to have a presence in the metro stations. Acclaimed as the ‘World’s Trusted Money Transferrer’, UAE Exchange has completed over 32 years of successful business operations.