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
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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.

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Dr. Bavaguthu Raghuram Shetty

Chairman
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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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Nabeel Abdulrahman Basaddiq

Vice-Chairman
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Nabeel Abdulrahman completed his Bachelor of Science in Business Administration from American Intercontinental University, London in 2004 with specialisation in marketing. He is currently serving as Chief Executive Officer of KBBO Group, a leading investment group with a diverse portfolio of interests, operating in the UAE and across Middle East. Since KBBO Group began operations in 2004 it has established a diversified portfolio comprising healthcare, facilities management, real estate development, oil refining and processing, technology and investment companies.

Nabeel Abdulrahman is also the Deputy Chairman of Brokerage House Securities LLC, UAE established in 2005. It is the first Abu Dhabi-based brokerage firm to offer online web based internet trading. He also serves as Board member of C B Financial Services Ltd, UK, which owns One Financial Markets an award winning, online broker providing 24/5 trading facilities to retail and institutional investors. It is authorised and regulated by the Financial Conduct Authority in the UK and the Financial Services Board in South Africa. Nabeel also serves as a board member for companies in healthcare sector such as NMC Health plc, Cosmeserge and Emirates Hospital.

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Binay Raghuram Shetty

Non-Executive Director
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Binay Raghuram Shetty 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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Keyur Deepak Nagori

Non–Executive Director

Keyur Deepak Nagori is a member of Institute of Chartered Accounts of India. He has a background working in International audit firms including Deloitte and KPMG for 8 years. During this time he had significant experience in the audit of multinational companies in India and Abu Dhabi. He is currently the CFO of KBBO Group. He serves as Non Executive Director for NMC Health plc, a London Stock Exchange listed Company; CB Financial Services Ltd., which owns One Financial Markets, authorised and regulated by the Financial Conduct Authority in the UK; Financial Services Board in South Africa; and Gemaco Interiors Abu Dhabi. He is an Audit Committee member of NIMR Automotive LLC, Abu Dhabi.

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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
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Y. Sudhir Kumar Shetty 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.

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Promoth Manghat

Executive Director and Chief Executive Officer
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Mr. Promoth Manghat 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

Chief Executive Officer
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Mr. Promoth Manghat 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.

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T P Pradeep Kumar

Chief Financial Officer
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Mr. T. P. Pradeep Kumar leads the Global Finance Operations of UAE Exchange. Pradeep is responsible for a wide range of finance functions including management of UAE Exchange’s banking relations, credit facilities, management of corporate MIS and secretarial functions. Pradeep plays a vital role in determining financial and accounting portfolios of overseas subsidiaries and associates.

Prior to joining UAE Exchange in 2005, Pradeep had worked in managerial role 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.

Mr. Pradeep has been an associate member of the Indian Institute of Chartered Accountants since 2003 and has a Diploma in Information Systems Audit from ICAI. Pradeep also holds a Bachelor of Business Administration from University of Kerala, India.

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Ashwin Shetty

Senior Vice-President, Treasury
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Mr. Ashwin Shetty heads the Global Treasury Operations of UAE Exchange. Ashwin is 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 by constantly evaluating market fluctuations against viability.

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

Mr. Ashwin completed his Chartered Accountant Article Traineeship in India, and holds a Bachelor of Commerce from Mysore University. Ashwin has been an associate member of Indian Institute of Chartered Accountants since 1984.

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Surendra Shetty

Chief Information Officer
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Surendra Shetty 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.

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Rajesh G K

Chief Product Officer
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Mr. Rajesh joined UAE Exchange in August 2006. He has corporate experience in a wide spectrum of industries including financial services, engineering and defence. Rajesh served as a Major in the Indian Army for a decade before entering the corporate world. He has held many important positions throughout his tenure in the Army including that of an Adjutant.

Mr. Rajesh handled a breadth of functions in the Indian Army including operational planning for unit and brigade levels, tactical planning in combat, team building & management, intelligence & vigilance networks and training & skill development.

Mr. Rajesh holds a Bachelor of Military Science from Jawaharlal Nehru University, India, and has received a Diploma in Transport Management and a Diploma in French. He also holds a Master of Business Administration from Mumbai University.

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E A Nizamuddin

General Counsel
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Mr. Nizamuddin is at the helm of the Legal and Corporate Affairs of UAE Exchange which aims to ensure benefit for the company by combining the highest global standards of law with excellence of business and by maintaining the depth, quality and scale of resources necessary to meet company’s ever increasing demand. His role includes providing legal advice to Executive Management and partners, on numerous legal predicaments. Nizam joined UAE Exchange India in 2005 as the Legal Head for Indian Operations. He was elevated to head of Legal Affairs department of UAE Exchange Group in year 2008. Prior to joining UAE Exchange, Nizam had worked as counsel and advisor for numerous leading financial institutions and banks, and had started his career as a litigating lawyer. His Core competence includes corporate, financial and security exchange laws and has been involved in numerous merger & acquisition projects. The function under his supervision caters to the needs of entire UAE Exchange group and plays a pivotal role as the beacon for matters pertaining to governmental relation and regulatory compliances. The Department is responsible for a variety of functions that ensure the continuity of operations and helps to control costs and increase efficiency. He is a Law graduate from Mahatma Gandhi University, and also holds a Bachelors degree in Information Technology. He has a wide exposure in working with various corporate lawyers and attorneys.

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K J Santhosh

Chief Compliance Officer
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Mr. Santhosh K. J with over 14 years of experience in International Remittances and Foreign Exchange, specifically in Money Service Business (MSB), he has a very strong background in Relationship Management, Product Development, Building Systems, Procedures, Controls and Processes. He has been instrumental in building & running the AML /CTF Compliance Programs of various group entities. A seasoned expert in managing almost all areas of Remittance and Forex business, he is result-oriented, adaptable, self-motivated, and a very effective communicator with excellent multitasking experience.

Gopakumar Bhargavan

Chief Marketing Officer
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Mr. Gopakumar Bhargavan Gopakumar Bhargavan leads the integrated marketing efforts of UAE Exchange world-wide. With deep insight into brand development, brand positioning and dynamics of customer-centric marketing, he is responsible for optimising market presence and business development through data-driven marketing programmes and brand management across markets globally.

Having joined in 2005, Gopakumar is a key contributor in the transformational journey of the organisation to become the most admired global brand. He has conceptualised and spearheaded multiple strategic marketing initiatives such as standardization of Global Marketing & Branding Guidelines, creation and establishment of the brand mascot programme, association with the Asian Football Confederation (AFC), securing naming rights of a Dubai Metro station and introduction of celebrity endorsement campaigns. Gopakumar has also been instrumental in the development and successful launch of various new products including Smart Pay, the WPS-compliant payroll solution, which is the market-winner in its segment; and gocash, the first many currency prepaid card in the Middle East.

Known for his strong marketing and analytical skills, Gopakumar has over 28 years of experience with renowned companies across diverse industries in India and the Gulf region. He has previously worked with Radio Asia and Asia Vision Advertising in the UAE, and with Asianet and Kairali TV in India.

Gopakumar is an active member of the International Association of Business Communicators (IABC), The Marketing Society and CMO Council. He was conferred with the ‘Most Talented Global Marketing Leader’ Award in 2014 by the World Marketing Congress.

Gopakumar holds a Master’s degree of Business Administration in Marketing and a Bachelor’s degree in Chemistry. He has also completed his EE Programme from Indian Institute of Management, Bangalore, India.

Besides employing existing and evolving best practices in marketing as an academic discipline and professional practice, Gopakumar’s other interests lie in music, movies and cricket.

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Varghese Mathai

Vice-President, HR and Administration
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Mr. Varghese Mathai helms the Global Human Resources team of UAE Exchange. His focus areas include human resource planning, employee acquisition & retention strategies, change management, personnel maintenance, training & development, performance management & competitive analysis, compensation & benefits and general administration. Famed for his training skills and ability to facilitate an environment of openness, trust and caring, Mr. Mathai ensures in meeting his top and bottom line targets. Mr. Mathai along with his passionate team, have been instrumental in striving to usher in a high performance culture in the company. With meticulous planning and recruitment efforts, the team assured that the best talents are absorbed into the company with skill sets and values defined. Mr. Mathai has corporate experience in a wide-spectrum of industries like FMCG, Retail, and Financial Services. Mr. Mathai holds a Master's Degree in Personnel Mgt. (MLS) and a Masters Degree in Political Science from University of Mumbai along with a Diploma in PMIR, Personnel Management from Xavier Institute of Management.

Rahul Pai

Associate Vice President, Corporate Strategy and Development
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A seasoned professional, Rahul Pai joined UAE Exchange in 2005, and currently heads Corporate Strategy and Development for the Group. 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.

Having started his career in UAE Exchange in a product development role, Rahul 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.

Besides his core expertise in product development, Rahul is deeply involved in understanding regulations vis-a-vis the Remittance and Payment Systems industry across the globe. He is part of an exclusive in-house Merger and Acquisitions (M&A) team that explores opportunities within the financial services business. His most recent M&A achievement was the acquisition of Travelex.

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.

Vilas Achuthankutty

Vilas Achuthankutty

Assistant Vice-President, Internal Controls and Risk Management
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Mr. Vilas Achuthankutty heads the Internal Controls and Risk Management function of UAE Exchange and is a part of UAE Exchange for over 10 years. A qualified Chartered Accountant, Mr. Vilas spearheads all risk management practices within the organization and centres all efforts in fostering a fraud free environment across all operations of the organization. His qualification, coupled with the several years of experience in the field of Internal Audit and Risk Management has enabled UAE Exchange to develop a risk culture for itself through implementation of several vital processes such as Enterprise Risk Management, Internal Audits with in-house capabilities, Independent Monitoring and Assessment programs, and Governance and Review mechanisms.