UAE Central Bank gives in principle approval for Wizz Financial to acquire UAE Exchange

The UAE Central Bank has approved in principle for fintech Wizz Financial to acquire 100 per cent of UAE Exchange Centre.

This in-principle approval for change of control satisfies a main formality required for the completion of the transfer of the business of the Finablr Group pursuant to the sale and purchase agreement entered into by all parties in December 2020, a statement said.

Once finalised, UAE Exchange will launch its branch network in the UAE.

Wizz Financial was launched recently by Prism Group and its partner Royal Strategic Partners (RSP) which specialises in payment solutions.

“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,” said Wizz Financial co-founder and group chairman Amir Nagammy.

“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,” said Ebrahim E. Nonoo, Wizz Financial executive chairman of the Money Remittance & FX Division.

“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,” said Royal Strategic Partners CEO Dr. Hamed Al Ali.