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.

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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 leads the global Finance, Retail and Shared Services operations of UAE Exchange, in addition to managing the Wholesale Bank Notes division. Responsible for a portfolio of services, he plays a vital role in nurturing key business units that are focused on increasing business performance to achieve competitive advantage and organisation’s growth objectives.

Prior to joining UAE Exchange in 2005, Pradeep had worked for a leading audit firm. His corporate experience spans all major finance functions, including corporate accounting, reporting, corporate controls, planning, analysis and strategy, risk management, project analysis, tax and systems.

Pradeep is an associate member of the Indian Institute of Chartered Accountants since 2003 and has a Diploma in Information Systems Audit from the Institute of Chartered Accountants of India (ICAI). He also holds a Bachelor’s Degree in Business Administration from the University of Kerala, India.

Rahul Pai

Chief Operating Officer

Rahul joined UAE Exchange in 2005, and currently heads Channels, Corporate Strategy and Development, Product Development and Human Resources functions for UAE Exchange Group. He is accountable for enhancing operations and enabling support functions for business sustainability and growth, and ensuring functional alignment with the group’s strategic plans.

Rahul started his career at UAE Exchange in a product development role, and was actively engaged in the launch and implementation of prepaid products, in the setup of payment infrastructures such as ATMs, POS machines, and has also helped in the development of payment aggregation channels.

During his tenure of 11+ years in the company, Rahul has led teams to establish UAE Exchange operations in 14 countries and has played a key role in four major acquisitions worth USD 925 million.

Before UAE Exchange, Rahul worked in the accounting department of Tyco Electronics Tools, and has completed his articleship with Varma & Varma Chartered Accountants.

Rahul is a qualified Chartered Accountant (ACA) from the Institute of Chartered Accountants of India (ICAI), and CISA, Audit of Information Systems from Information Systems Audit and Control Association.

True to the industry he is in, Rahul is a numismatist (coin collector) in addition to being an avid reader.

Nizamuddin

E A Nizamuddin

General Counsel

Nizam heads the Legal and Corporate Affairs, and Mergers and Acquisitions (M&A) teams of UAE Exchange Group. His core competencies include corporate, financial and security exchange laws, and he was a key member of numerous merger and acquisition projects.

Nizam provides legal advice to the Executive Management and shareholders, while maintaining the depth, quality and scale of resources necessary to meet the group’s ever increasing demands. Under his leadership, the function combines the highest global standards of law with excellence in business, ensures continuity of operations and helps to control costs and increase efficiency.

He joined UAE Exchange India in 2005 as the Legal Head for Indian Operations. In 2008, he was elevated to Head of Legal Affairs of the UAE Exchange Group. Prior to joining UAE Exchange, Nizam had worked as counsel and advisor for leading financial institutions and banks, and had started his career as a litigating lawyer.

A law graduate from Mahatma Gandhi University, Nizam also holds a Bachelor’s Degree in Information Technology.

Santhosh

K J Santhosh

Chief Compliance Officer

Santhosh is responsible for enabling the organisation to define, evaluate and manage UAE Exchange Group’s risk profile. He assumes the pivotal role in designing and implementing an enterprise wide Compliance, Risk Management and Internal Control Framework to identify, assess and minimise the group’s current and future exposure to compliance, financial, operational, and other risks.

In addition to being the chair of the group's Governance, Risk and Compliance Committee (GRC), the primary oversight body of the group's control functions, Santhosh also drives the Anti-Money Laundering and Combating Terrorism Financing (AML/CTF) compliance programmes of the group entities. He spearheads the Financial Crime Compliance Anti Bribery and Corruption practices within the group and centres efforts in fostering a fraud-free environment across global operations of the group.

Santhosh has over 15 years of experience in the international remittances and foreign exchange industry, specifically in the Money Service Business (MSB). He has a very strong background in formulating policies and execution strategies around compliance and risk, operations, partner relationship, product development and process re-engineering.

Santhosh holds a Master's Degree in Business Administration (MBA) and is also an ACAMS Certified Compliance Professional.

Surendra-Shetty

Surendra Shetty

Chief Information Officer

Suren is responsible for driving technology innovation, risk containment, security and information technology relationship management initiatives at UAE Exchange.

Popularly known as Suren, he brings with him a wealth of 24 years’ IT experience in the banking sector. Currently, Suren focuses on the role of technology in enabling business, enhancing customer experience, leveraging existing and new platforms and improving operational efficiency by transforming and building scalable architectures.

Prior to joining UAE Exchange, Suren worked at YES Bank as Senior President and Chief Information Officer, spearheading strategic partnerships for the novel concept of pay-per-use IT Infrastructure. He has led project implementations at Flexcel International, and has also worked at Cashtech Solutions and Credit Lyonnais. During his stint at HDFC Bank, he has handled projects such as Y2K compliance, system analysis and design for image based clearing automation, system performance audit and branch level implementation among others.

Suren is a two-time recipient of the CIO 100 awards in 2013 and 2014. Additionally in 2014, he was honoured with the ‘Innovative Architect’ Special Award. He is a well-known speaker, prominently at NASSCOM events where he shares his knowledge on strategies for next-gen enterprise.

A commerce graduate, Suren has completed Diploma in Computer Management (DCM) and possesses a Mini MBA in business essentials from Rutgers Business School, London. He spends his free time watching movies and going on long adventurous roadtrips with family and friends.

Ashwin-Shetty

Ashwin Shetty

Senior Vice-President, Treasury

Ashwin heads the Global Treasury Operations of UAE Exchange, responsible for all aspects of treasury operations including dealing operations, treasury management and the associated financial risk management. He leads his team in fool-proofing the entire gamut of operations by managing financial risk, and constantly evaluating market fluctuations against viability.

Ashwin joined UAE Exchange in 1985 as a foreign exchange dealer and has since progressed through a series of roles of increasing responsibility. He has worked for over a decade in the dealing operations and subsequently became its Assistant General Manager in 2002. Ashwin was responsible for liaison activities with a number of correspondent banks worldwide. In 2005, he was appointed the Vice-President of Treasury Operations.

He has completed his Chartered Accountant Article Traineeship in India, and holds a Bachelor’s Degree in Commerce from Mysore University. Ashwin is an associate member of the Indian Institute of Chartered Accountants since 1984.

Rajesh Prabhurajan

Rajesh Prabhurajan

Senior Vice-President, Treasury

A senior financial market professional with expertise in capital markets and wholesale banking, 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 since August 2013. Rajesh was with Al Khaliji from 2007, prior to which he has worked at Dubai Bank in the United Arab Emirates and at Citibank in India.

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

Vilas Achuthankutty

Vilas Achuthankutty

Group Head, Internal Audit

A qualified Chartered Accountant, Vilas is in charge of Internal Audit for UAE Exchange Group, reporting directly to the Group Board of Directors.

Having been with the organisation for over 10 years, he was previously heading the Internal Controls and Risk Management (ICRM) function of UAE Exchange. During this time, he successfully lead the ICRM teams to develop a risk culture vision for the organisation and the plans to achieve them through the implementation of several vital processes such as enterprise risk management, internal audits with in-house capabilities, independent monitoring and assessment programmes, and governance and review mechanisms.