Mr. V George Antony is the Managing Director of UAE Exchange, India.
About UAE Exchange (Global):
UAE Exchange is a leading global money transfer and foreign exchange brand, trusted by millions of customers and partners, across the world. The company is headquartered in Abu Dhabi, UAE and its strong network spreads across five continents spanning 31 countries with 800 offices, serving millions of customers worldwide.
A graduate in commerce from the prestigious Sacred Heart College, Thevara, Kochi, Mr. George started his career with Catholic Syrian Bank in 1981. Still directing the chariot to victory, Mr. George has successfully completed 36 years in financial sector. Quest and aspiration spurred him to look for something more challenging, finally taking him to UAE in 1982. It was here, that he joined the UAE Exchange Centre LLC, Abu Dhabi, in the 2nd year of operations. Mr. George was entrusted with numerous portfolios and in all those, he shone well with sincerity, reliability and candor.
The confidence that the Company had in him was evident, when Mr. George was chosen to start its operations in India. In his courage and industriousness, he took up the challenge boldly. The Indian operations commenced in 1994, opening its first office in Kochi, Kerala.
Mr. George is instrumental in setting up & further developing the following companies today, in India:
UAE Exchange Centre Liaison Office
Liaison office of UAE Exchange Centre LLC was started in the year 1994, with an intention to streamline the reconciliation work of the company. Today it is mainly into various back office operations of UAE Exchange in UAE, Oman and Kuwait.
UAE Exchange & Financial Services Ltd. (UAEFS)
UAE Exchange & Financial Services Ltd (UAEFS) is a Non Deposit accepting NBFC (Non-Banking Financial Company) (NBFC-ND)/a Public limited Company carrying out Loan business, Foreign Exchange business, Foreign Money Transfer business, Travel services, Gold Loan, Insurance, X-Trade etc. It commenced its operations in the year 1999.
Today UAEFS is the:-
- Largest Authorized Dealer (AD Category II)
- First AD II license holder and one of the largest currency exporters
- AD II to get Semi Closed Prepaid Instrument license
- Largest Foreign Inward Money Transfer agent under MTSS license from RBI
UAEFS today has a countrywide network of 370 plus direct branches with over 3500 plus direct employees. It has over 5000 subagents spread in 19 states. The Company serves a customer base of 21 lakhs, approximately around 15000 customers daily. The company is managed from its Head Office at Kochi.
UAE Exchange& Finance Ltd.,
The company is a member of the National Stock Exchange of India Ltd and provides screen based share trading services to its customers. The company started Stock Broking Services at its Mumbai Office in 1998 and later extended to Kochi. Presently, the Kochi office acts as the Administrative Office for all trading operations happening at branches and monitor the statutory compliances.
An awesome tale of success which he built up from the scratch, is what a huge financial enterprise is today, thereby placing him among the few exceptionally successful business leaders in India. His Company makes profits by manifolds each year and diversifies into a plethora of consumer services at a brilliant pace.
Important Milestones of the UAEFS:
- Incorporated in India as a public limited company
- Obtained FFMC License
- Obtained approval from RBI for ‘Xpress Money’ under Money Transfer services Scheme (MTSS)
- Opened the first fully operational branch in September at Kochi
- Obtained approval from RBI for MoneyGram under MTSS
- Commenced Travel & Ticketing Business
- Raised the number of branches to 50
- Certified as Non Deposit accepting Non- Banking Financial Company
- Started Agency channel to reach out to customers as far flung areas
- Commenced Travel and Tours business
- Obtained IRDA (Insurance Regulatory and Development Authority) approval and commenced Insurance business on a non-risk basis
- Reached to the 100th branch inauguration
- First FFMA (Foreign Exchange Management Act) in India to be upgraded to Authorized Dealer Category II
- Started the vertical ‘ Send Money Abroad ‘
- Reached 200th branch milestone
- Commenced Gold Loan business
- First NBFC (Non-Banking Financial Company) to obtain Certificate of Authorization to operate payment system for issuance & operation of prepaid instruments from RBI
- Launched the unique mobile payment service system ‘XPay’
- Commenced Vehicle Loan Business
- First NBFC (Non-Banking Financial Company) to commence Domestic Money Transfer Service
- Reached 300th branch milestone
- Commenced Personal loan (to the customers) business
- Increased Branch count to 350 Plus
- Launched Online Forex and Flight booking
- Commenced Business Loans
- Launched Mobile App ‘XPay Cash Wallet’ for the company
- Initiated and Launched Employee Mobile App & Agents Mobile App
- Launched UAE Exchange Multi currency cards
- Currently operating through 370 plus branches
Business Products: UAE Exchange is a giant in the finance sector with numerous versatile products like Money transfer services, Foreign Exchange (Banknotes, Outward remittance and Pre-paid Travel cards), Travel & Tours, Loans (Gold Loan, Vehicle Loan & Personal Loan , Business loan & MSME loan), Insurance, XPay (Pre-paid instruments & Domestic Money Transfer Services) and Share Trading & Demat. The brief period in which, the company has built this niche for itself, would make a good study for any business management program.
Technology (IT– ISO 27001:2005 certified): He has been the driving force behind IT infrastructure and solutions that caters aptly to the varied needs of a business spread across the country throughout mega cities, towns and villages. All applications and products run on home grown ERP system developed with the business lessons, the company has learned over the decades used by 3500 plus direct employees of the company as well as its 5000 agents. Looking on to growing use of mobile among the common masses, Mr. George anticipated a consistent hike in its usage, hence he has initiated for a strong Mobile App for the Company ‘XPay Cash Wallet ’, with almost all services of company integrated into the innovation, adding convenience to the lives of people and by supporting India in moving to a digital economy. He also initiated an in-house app exclusively for the employees to have access to their essential workplace requirements while placed at remote locations.
Network: : UAE Exchange possibly has one of the largest networks of offices and sub-agents spread across the country with 370 plus direct offices and 5000 plus agents.
People: Mr. George has for his unique assets, his people skills and down to earth manner which motivates his workforce to stay dedicated and inspired. Standing by him is a strong team of over 3500 plus direct employees, held by a well-defined organizational hierarchy providing a strong platform for the employees to prove themselves.
CSR (Corporate Social Responsibility): In keeping with Mr. George’s nature and integrity, social responsibility is high on the agenda of the Company. It has in place, a well-structured policy for CSR, which ensures that activities are not just on paper, but gets implemented right from the grass root level of the Company. Education for the deprived and conservation of environment receives due allocation and implementation each fiscal year.
Vision for the Company: The driving force that keeps Mr. George young at heart and focused in mind is his vision. He sees his Company becoming ‘the No: 1 Financial Institution in India delivering finest of quality in service’. Ambitious yet principled, he insists that while being the best in its class, his organization must ‘not just conform to the world, but aim to touch the hearts of millions and transform their lives’. Considering the growth of the digital platform around the word, he has high plans to go digital and reach the customers with optimized service spiced with added convenience and security.
In his own words, “We aspire to be an organization which would be the yearning of every Indian Citizen to work for and grow”.
Mr. George has proved to be the most successful Business Manager in tune with the times of virtue of his inimitable ability to delve deep into the psyche and aspirations of the customer. He owes this skill to the vast experience he had gained in the field of Customer Relations, Business Development, Information Technology and Management. His high technical awareness and sound knowledge in vast areas ably supplements his planning and key decision making skills. The growth of UAE Exchange-India, being witnessed today, is the result of Mr. George’s hard work, dedication and commitment.