Remittance center UAE Exchange has stopped accepting new transactions effective immediately, following the resignation of its CEO.
In a report by Khaleej Times, the remittance network sent a circular to all of its outlets to stop accepting new transactions both through physical and online due to certain “operational challenges.”
UAE Exchange, however, said that its customer service branches are still open to address the queries of its customers.
Its spokesperson, in an interview with Khaleej Times, said that they are currently focused on processing all existing transactions as quickly as possible—adding that they “apologize to our customers for any inconvenience caused.”
He added that the suspension would be temporary and that everything will go back to normal soon.
UAE Exchange CEO Promoth Manghat has recently resigned from his position in the company, with his resignation coinciding with the temporary suspension of the listing of the shares of Finablr—its mother company—on the London Stock Exchange by the Financial Conduct Authority.
In a statement, UAE Exchange said its board will immediately look for a new CEO and that further announcements will be made soon.
