UAE Exchange Services

Our People

Our Leadership team comprises of highly qualified professionals, with years of financial experience, and the ability to understand the importance of adapting to customers' evolving needs; and also well equipped to manage contemporary business challenges.

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Dr. Bavaguthu Raghuram Shetty

Founder & Chairman , UAE Exchange

Dr. B. R. Shetty, Founder & Chairman, UAE Exchange, is an entrepreneur par excellence. His success story has been paved by humility and deep commitment towards the people and the society.

Armed with a degree in clinical pharmacy, Dr. Shetty set foot in UAE in 1972 and founded the healthcare facility - New Medical Centre (NMC) in 1975. After realising the immense potential of the remittance sector and with a deep sense of yearning to help the expatriate community, he established UAE Exchange in 1980 with its head office located in Abu Dhabi.

Today, Dr. Shetty is among the top business icons in the Gulf region and a living testimony of Corporate Social Responsibility. He has numerous awards to his credit including the Padmashri, one of the highest civilian honours of the Government of India, bestowed on him for his outstanding achievements and contributions to business and trade. The Abu Dhabi Government has also recognised his contributions to the society by conferring on him the highest honour of the Abu Dhabi Government - the Order of Abu Dhabi. He was conferred with a Doctorate by Georgia State University, Atlanta, USA.

Dr. Shetty has, during his highly successful business career, forayed into many sectors including pharmaceuticals, healthcare, finance, FMCG, IT, hospitality, cosmetics, jewellery, advertising, PR and real estate with astounding success in each one of them. Dr. Shetty is also a member of various international business councils.

Br-shetty

Dr. Bavaguthu Raghuram Shetty

Chairman

Dr. B.R. Shetty is an entrepreneur par excellence. His success story has been paved by humility and deep commitment towards the people and the society. Armed with a degree in clinical pharmacy, Dr. Shetty set foot in UAE in 1972 and founded the healthcare facility - New Medical Centre (NMC) in 1975. After realising the immense potential of the remittance sector and with a deep sense of yearning to help the expatriate community, he established UAE Exchange in 1980 with its head office located in Abu Dhabi.

Today, Dr. Shetty is among the top business icons in the Gulf region and a living testimony of Corporate Social Responsibility. He has numerous awards to his credit including the Padmashri, one of the highest civilian honours from the Government of India, bestowed on him for his outstanding achievements and contributions to business and trade. The Abu Dhabi Government has also recognised his contributions to the society by conferring on him the highest honour of the Abu Dhabi Government - the Order of Abu Dhabi. He was conferred with a Doctorate by Georgia State University, Atlanta, USA.

Dr. Shetty has, during his highly successful business career, forayed into many sectors including pharmaceuticals, healthcare, finance, FMCG, IT, hospitality, cosmetics, jewellery, advertising, PR and real estate with astounding success in each one of them. He is also an active member of various international business councils. He is Vice Chairman of Travelex, the leading foreign exchange specialist, since 2015.

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Binay Raghuram Shetty

Non-Executive Director

Binay has been serving as the Director of UAE Exchange Centre LLC since 2007. UAE Exchange Centre LLC is a leading remittance, foreign exchange and payment solutions brand, with its headquarters in Abu Dhabi. It is part of the UAE Exchange Group, which has its presence in five continents with a strong network of close to 800 direct offices spread across 31 countries.

Binay serves as a Director in many of these group entities and is closely involved in the business development. He holds a Bachelor of Science in Business Administration with specialisations in Finance and Entrepreneurship from Boston University, Massachusetts, USA.

Binay is also a Director of NMC Health PLC and Alexandria Medical Centre, which are listed with London Stock Exchange and Alexandria Stock Exchange respectively. He is a Non Executive Director of Travelex Holdings Limited since 2015.

abdul-rahman

Abdulrahman Saddiq Salim Basaddiq

Non-Executive and Independent Director

Abdulrahman is a fellow of the Institute of Chartered Accountants in England & Wales (FCA). He is a licensed auditor and consultant in the UAE. Trained to qualify as a chartered accountant with Ernst & Young, London, Abdulrahman served Ernst & Young in the UK and the GCC for over 25 years. For over 12 years he was with diversified groups in the Gulf, including healthcare, global public and private equities, venture capital, real estate investment, development and construction, steel trading, fabrication, food manufacturing, retail, packaging, hospitality and catering. Since five years he is serving on two audit committees, chairing one of them. He oversees development of audit committees and internal audit functions of other entities, which have grown in size and complexity. He ensures that they comply with the ever increasing governance and regulatory demands. He has also served on the boards of two other entities.

Abdulrahman currently serves as a Non-Executive Director of a FTSE 250 listed company, and two other private entities. As an equity partner at EY for over 13 years, Abdulrahman served as its Managing Partner in Riyadh and Abu Dhabi. He was also its UAE Country partner in charge, where he took care of finance, accounting, technical and administrative operations of the business. He also served as an elected member of the firm’s executive committee for eight years, in addition to serving on the human resources committees for a number of years. His client responsibilities covered healthcare, financial services, trading and distribution, energy, utilities, industrial, hospitality and public sectors.

As a licensed practitioner, Abdulrahman provided professional services, on a full time outsource basis, to Gulf based groups operating in multiple jurisdictions, including two major regionally listed groups. His role included active participation in the development and implementation of corporate, business and financial strategy, risk management, corporate governance and monitoring compliance with regulatory requirements including those of the local stock exchanges, treasury management, due diligence reviews, M&A transactions, performance measurement and ERP implementation.

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Y. Sudhir Kumar Shetty

Executive Director and President

Sudhir is a leading figure in the field of finance and global remittance. His leadership, technical insight and operational expertise have strengthened the culture of innovation in UAE Exchange and infused inimitable quality in all aspects of its business operations.

Sudhir has been leading the UAE Exchange global operations since 1991. He nurtured and built a powerful team of professionals to achieve top feats in product improvement, customer relationship management, brand positioning and quality benchmarking.

Before joining UAE Exchange, Sudhir had worked with a range of audit firms gaining good insight and hands-on experience in financial management. He has also been a fellow member of the Institute of Chartered Accountants of India. He holds membership of various executive and business councils in the UAE. A Law and Commerce Graduate from the University of Mysore in India, Sudhir also completed the ‘Key Executive Programme’ at Harvard Business School, USA.

An eloquent speaker, Sudhir is regularly invited at various academic and professional gatherings around the world including World Bank, United Nations HQ, USA and more. Sudhir received the NRI of the Year Award in 2014, Excellence in Finance Award from ICAI Abu Dhabi Chapter and Jeevaragam Global Personality Award in 2012 amongst many others.

promoth-manghat

Promoth Manghat

Executive Director and Chief Executive Officer

Promoth is the CEO of UAE Exchange Group. Responsible for formulating the organisation’s global strategy, Promoth leads global sales, marketing and operations, including end-to-end oversight of the branches and expansion plan along with the financial and operational performance, worldwide. He plays a key role in the strategic development and roll out of new products across UAE Exchange locations.

UAE Exchange stands for commitment to customer satisfaction and business excellence, which Promoth personifies perfectly. Backed by his experience in a variety of roles, he is known for his exceptional ability to manage large and diverse teams and to nurture new business verticals and offerings. Promoth has also led the team that devised the risk and compliance strategy, which strengthened the global compliance of the organisation, building its goodwill among regulators from across countries, where it has operations. He has been at the helm of several key transitions at UAE Exchange in the last 10 years including restructuring, visioning and branding, which paved way for the transformation of UAE Exchange into a truly global brand.

Promoth was conferred the prestigious Excellence in Finance & Profession Award instituted by the Institute of Chartered Accountants of India (ICAI), Abu Dhabi Chapter, in 2015. 2016 saw him bagging the Finance CEO of the Year Award at the Indian CEO’s Awards by ITP Group.

An associate member of the Institute of Chartered Accountants of India since 2000, Promoth holds a Bachelor’s Degree in Commerce.

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Promoth Manghat

Group Chief Executive Officer

Promoth is the CEO of UAE Exchange Group and the Executive Committee Chair. Responsible for formulating the organisation's global strategy, Promoth leads global sales, marketing and operations, including end-to-end oversight of the branches and expansion plan along with the financial and operational performance, worldwide. He plays a key role in the strategic development and roll out of new products across UAE Exchange locations.

UAE Exchange stands for commitment to customer satisfaction and business excellence, which Promoth personifies perfectly. Backed by his experience in a variety of roles, he is known for his exceptional ability to manage large and diverse teams and to nurture new business verticals and offerings. Promoth has also led the team that devised the risk and compliance strategy, which strengthened the global compliance of the organisation, building its goodwill among regulators from across countries, where it has operations. He has been at the helm of several key transitions at UAE Exchange in the last 10 years including restructuring, visioning and branding, which paved way for the transformation of UAE Exchange into a truly global brand.

Promoth was conferred the prestigious Excellence in Finance & Profession Award instituted by the Institute of Chartered Accountants of India (ICAI), Abu Dhabi Chapter, in 2015. 2016 saw him bagging the Finance CEO of the Year Award at the Indian CEO's Awards by ITP Group.

An associate member of the Institute of Chartered Accountants of India since 2000, Promoth holds a Bachelor's Degree in Commerce.

Pradeep-Kumar

T P Pradeep Kumar

Deputy Chief Executive Officer & Chief Financial Officer

Pradeep serves in the dual capacity of Deputy Chief Executive Officer and Chief Financial Officer at UAE Exchange. In this double role, Pradeep leads the organisation’s global finance, retail operations, Wholesale Bank Notes division and business shared services network. Deftly he drives operational excellence, innovation and continuous improvement across retail channels.

Pradeep also manages the day-to-day operational performance of UAE Exchange’s global retail operations keeping new revenue opportunities, overall profitability and corporate growth firmly in his sight. He is credited with bringing a structure to business planning, budgeting and financial forecasting, which are now automated and extended to include all business units and functions, including strategy and human capital planning.

A Chartered Accountant and an industry veteran with over 15 years of experience, Pradeep’s journey with UAE Exchange began in 2005, after a three-year stint with Dhanlaxmi Bank and Axis Bank.

Pradeep holds a Bachelor’s Degree in Business Administration, and also a Diploma in Information Systems Audit from the Institute of Chartered Accountants of India (ICAI).

Rahul Pai

Chief Operating Officer

Rahul is the Chief Operating Officer at UAE Exchange and leads the innovation agenda of the group. He has helped the brand take huge strides in its journey as a global leader in the financial services and payments industry. In this position, Rahul spearheads the Corporate Strategy, Product Development, Channels, Marketing and Human Resources functions across global operations of UAE Exchange.

Rahul's expertise in the above mentioned functions and organisational development holds him in excellent stead while discharging his responsibilities in the areas of business and operational excellence, market expansion, mergers and acquisitions, and post-acquisition integration programmes.

He has helped with the launch and implementation of the Group’s digital products and payment infrastructure. The digital products include purpose-based payment products and channels such as ATMs, POS, self-serve kiosks, contactless cards, online money transfer facilities and mobile-based applications, that helps accelerate the expansion of the brand's industry-leading portfolio of digital assets.

Rahul also played a crucial role in the Group’s international expansion in 12 key markets, and was actively involved in four major acquisitions worth a total of USD 925 million.

Having joined UAE Exchange in 2005, Rahul has over 12 years of experience in the financial services and payments industries. Rahul is a qualified Chartered Accountant from the Institute of Chartered Accountants of India (ICAI), and a Certified Information Systems Auditor from the Information Systems Audit and Control Association.

Nizamuddin

E A Nizamuddin

General Counsel

As the General Counsel of UAE Exchange Group, Nizam is responsible for leading Group-wide legal initiatives at strategic, corporate and tactical levels. He also manages the Group’s legal function to deliver services, in all its prudence, in line with the business requirements. His rich knowledge in disciplines such as corporate, financial and security exchange law ensures that the Group's legal compliance and regulatory commitments are upheld to international standards, across the globe.

Nizam has proven adeptness in delivering clear sighted guidance to the Group on Legal and Corporate Affairs as well as Mergers and Acquisitions. He actively provides the Executive Management and shareholders with legal advice and counsel on the Group's strategies, implementations and implications.

Nizam’s legal instincts and acumen were honed early on in his career as a litigating lawyer, followed by varying stints as counsel at leading financial institutions and banks. He joined UAE Exchange in 2005, first as the Legal Head for India Operations and, in a short span of time, was promoted to be the Head of Legal Affairs for UAE Exchange Group.

Nizam studied law at Mahatma Gandhi University, and also holds a Bachelor’s Degree in Information Technology.

Santhosh

K J Santhosh

Chief Compliance Officer

As a compliance leader with international expertise, Santosh is accountable for defining, evaluating, measuring and managing UAE Exchange Group’s risk profile and assurance. He is tasked with the responsibility to minimise and mitigate the Group’s exposure to all types of internal and external risks, while seamlessly navigating the ever-expanding compliance and regulatory matrix globally.

Santhosh plays a pivotal role in instilling a culture of compliance within the Group’s global operations, through the implementation of enterprise-wide Compliance, Risk Management and Internal Control frameworks and programmes.

In his current role, Santhosh chairs the Group’s Governance, Risk and Compliance Committee (GRC), the primary body that oversees of the Group's control function. He also drives the organisation’s Anti-Money Laundering and Combating Terrorism Financing (AML/CTF) programmes across all Group entities.

Santhosh brings over 15 years of experience in the international remittances and foreign exchange industry to his role, specifically in the Money Service Business (MSB). His exceptionally strong background in crafting policy and execution strategies in the risk management milieu elevates the Group’s risk management function above industry standards.

With a Master’s degree in Business Administration, Santosh is also an ACAMS Certified Compliance Professional.

Surendra-Shetty

Surendra Shetty

Chief Information Officer

Suren is currently the Chief Information Officer for UAE Exchange – a role that sees him lead technology innovation, risk containment, security and information technology relationship management initiatives for the organisation.

With nearly 25 years of experience under his belt, Suren focuses on the pivotal role technology plays in enabling business success, improving operational efficiency and driving an exceptional customer experience by transforming and building scalable IT solutions.

Suren is a well-known speaker and regularly shares his knowledge on strategies for next-gen and emerging technologies at various international tech events. His achievements have seen him feted twice at the CIO 100 Awards, and conferred with the special ‘Innovative Architect’ award. He is also the recipient of the prestigious ‘IT Executive of the Year’ award at the International Business Awards 2017.

Prior to commencing his journey with UAE Exchange, Suren worked at YES Bank as Senior President and CIO. He has also served in positions of responsibility at Cashtech Solutions, Credit Lyonnais and HDFC Bank.

A commerce graduate, Suren also holds a Diploma in Computer Management (DCM) and a mini-MBA in business essentials from Rutgers Business School, London.

Rajesh Prabhurajan

Rajesh Prabhurajan

Senior Vice-President, Treasury

Rajesh heads the Global Treasury Operations of the UAE Exchange Group. A senior financial market professional with expertise in capital markets and wholesale banking, he is responsible for treasury management, dealing operations and the management of associated financial risk across the Group.

Rajesh brings with him more than 16 years of experience working in the financial sector. He has a track record in managing large treasury and investment books across multiple countries and regulatory environments.

Before joining UAE Exchange in 2016, Rajesh was working with Al Khaliji Commercial Bank in Qatar, as the Head of ALM & FX – Treasury and Debt Capital Markets. He has also worked at Dubai Bank in the United Arab Emirates and at Citibank in India

Rajesh holds a Master’s Degree in Business Finance from Cochin University of Science and Technology (CUSAT), India.

Vilas Achuthankutty

Vilas Achuthankutty

Group Head, Internal Audit

Vilas heads the Internal Audit function of the UAE Exchange Group. Responsible for independent internal audits, he reports directly to the Group Audit and Risk Committee (GARC), a sub-committee of the Group Board of Directors. Vilas is mandated with monitoring and providing reasonable assurance on the design and operation of the Group's framework of risk management, governance and internal control processes. He also reviews management action plans in relation to audit findings to validate the adequacy and effectiveness of the control frameworks.

Under his leadership, the Internal Audit team manages a combination of offsite retail and onsite corporate audits, which include process and control audits, IT audits, risk management framework audits, themed and project audits, across Group entities. It also carries out regulatory audits, investigations and special reviews as and when the need arises.

In his role as Group Head, Vilas ensures that objective audit reports, overall risk management assessment and control framework, are provided periodically to the GARC as well as to the respective local or functional Audit and Risk Committees. The insights gained from these will help the Group to improve its operational efficiency and to increase its financial reliability and integrity.

Vilas has been with UAE Exchange for over a decade, and prior to becoming the Internal Audit Group Head, he led the Internal Controls and Risk Management (ICRM) function for UAE Exchange global operations. During this time, he successfully developed a risk culture vision for the organisation, through the implementation of several vital processes such as enterprise risk management, internal audits with in-house capabilities, independent monitoring and assessment programmes, governance and review mechanisms.

Vilas is a qualified Chartered Accountant from the Institute of Chartered Accountants of India (ICAI).