The Central Bank of the United Arab Emirates (CBUAE) has given in-principle approval for the leading fintech Wizz Financial to buy 100 percent of the UAE Exchange Centre.
According to the company statement, the in-principle approval for change of control satisfies the “main formality required for the completion of the transfer of the business of the Finablr Group under the sale and purchase agreement entered into by all parties in December 2020.” UAE Exchange will relaunch its branch network in the Emirates after all of the arrangements are finalized.
The UAE Exchange Centre, which has over 100 branches around the country, halted all operations in March 2020 after the UAE Central Bank placed it under supervision to ensure compliance with regulations.
Wizz Financial was recently established by Israel’s Prism Group and its partner Royal Strategic Partners which specializes in payment solutions. According to the reports, “It acquired Finablr for a nominal $1 in December and then Bahrain Financing Company (BFC) in August.”
Mr. Amir Nagammy, Co-Founder and Group Chairman at Wizz Financial said, “We are delighted to receive in-principle approval from the Central Bank of the UAE, and we are very thankful for the confidence, support, and commitment the Central Bank and senior leadership of the country have shown us.”
“We help our customers flourish by making their financial transactions easier and faster, ensuring the smooth and timely movement of payments across the globe. The Central Bank of the UAE’s in-principle approval will enable Wizz Financial to position UAE Exchange at the forefront of fintech developments and cement the UAE’s reputation for innovation in this dynamic market sector, so essential to us all.”
“Our collaboration with Wizz Financial reinforces our commitment to offer our customers access to the most convenient, integrated financial solutions in the UAE. We are pleased to be part of the continuing UAE success story, creating innovative products and employment opportunities to serve the evolving economy,” commented Royal Strategic Partners CEO Dr. Hamed Al Ali.
