E-Paper
Sign In
iPhone | iPad
Android
Mon, Dec 23, 2024 | Jumada al-Aakhirah 22, 1446 | DXB
0°C
Finablr relaunch plan gains traction
The appointment of Matrix is another significant move in consortium’s plan to recapitalise, restructure and rebuild Finablr
The UAE-Israeli consortium, which has acquired the troubled Finablr for $1, said on Monday that steps to recapitalize and revive the debt-ridden global payments solutions group gained momentum with the appointment of Matrix International Financial Services as adviser on financial compliance and fraud prevention measures.
The consortium of Prism Group and Abu Dhabi’s Royal Strategic Partners (RSP) said in a statement that it intends to revitalise Finablr “in order to secure the status of UAE Exchange and Xpress Money as key pillars of the UAE’s financial system in one of the world’s most dynamic, exciting and fastest-growing business destinations.”
Finablr, founded and majority-owned by entrepreneur BR Shetty, who left for India amid scandals of financial irregularities and forgery totalling $6.6 billion at NMC Health, also founded by him, was bought by the consortium in December for “a nominal initial consideration of $1.
In January, the consortium appointed independent investment bank Moelis & Company to advise the Group on a debt restructuring.
The consortium said the appointments of Matrix and Moelis & Company represented a significant step forward in its plan to reopen UAE Exchange, the flagship company of the remittance group, whose branches have been closed since March 2020, along with the group’s other leading products. They include global money transfer group Xpress Money and businesses in international markets including India.
Prism Group, headquartered in Switzerland, is linked to a former Israeli Prime Minister Ehud Olmert. RSP, which is headed by Abubaker Al Khoori, is affiliated with Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council.
Matrix is one of the world’s leading specialists in providing business and technology solutions for the complex needs of the global financial industry and Capital Markets. “Matrix will work with Prism Group to introduce efficient and effective financial crime systems and processes across the group,” the consortium said.
Prism Group co-founder, Amir Nagammy, said the appointment of Matrix is another significant move in consortium’s plan to recapitalise, restructure and rebuild Finablr and revitalise its portfolio of assets in some of the world’s fastest-growing markets
“The consortium is committed to working with all of Finablr Group’s stakeholders to build a major international fintech group of companies serving the remittance and payment needs of its 22 million customers across 170 countries. The transformation of the group will create a world-leading financial services platform in some of the world’s most dynamic and rapidly-expanding economies,” said Nagammy.
Dr. Hamad Al Ali, CEO of Royal Strategic Partners, said Matrix has advised many leading firms on compliance issues and putting systems in place to fight financial crime. “The calibre and experience of the advisors we are working with demonstrates our determination to restore the group as quickly as possible in the interests of its lenders, customers and employees.”
Robert Miller, Finablr group CEO, said he remains optimistic that the deal agreed with the consortium would enable the company’s operations in the UAE and the wider region to continue and grow.
Angad Chadha, head of Innovation and Digital at Prism Group AG, said technology has transformed financial markets and it is vital that Finablr has the “best systems in place to identify, prevent or report financial crime.”
issacjohn@khaleejtimes.com
Sign Up For Breaking News Alerts
Be in the know. Get the latest breaking news delivered straight to your inbox.
