Kuwait National Exchange WLL wins right to use UAEXCHANGE in Kuwait
KUWAIT: UAEXCHANGE is a global money remittance, foreign exchange and payment solutions brand. UAE Exchange Group has announced that Kuwait National Exchange WLL chain of remittance houses has been appointed to represent the brand “UAEXCHANGE” in Kuwait. The decision, made by Kuwaiti authorities, came after the UAE Exchange Group decided to dissolve its partnership with its local partner in Kuwait, citing differences. The Group then moved to serve its customers through Kuwait National Exchange WLL, which is now legally authorized to use the brand “UAEXCHANGE”.
“UAE Exchange Group is a proud partner in Kuwait’s prosperity and in the development of the remittance and financial industry in the country. We regret to inform our stakeholders that we have been forced to dissolve our partnership with UAE Exchange Kuwait due to irrevocable differences. However, we will continue to serve our customers in Kuwait through Kuwait National Exchange WLL. We are very pleased to announce that, the authorities in Kuwait have authorized the association between UAE Exchange Group and Kuwait National Exchange WLL. This officially marks Kuwait National Exchange WLL as a Group-affiliated financial services provider in the country,” said Dr. B R Shetty, Chairman, UAE Exchange Group.
“Our first priority is to ensure continuity of services to customers and the well-being of our staff members. We are confident that Kuwait National Exchange will set new standards for customer service and innovation in the country. Meanwhile, we look forward to the Kuwaiti legal system demonstrating its world-class credentials by safeguarding our rights,” said Promoth Manghat, CEO, UAE Exchange Group.
Commenting on the launch of GST in India, Promoth Manghat said, “The launch of Goods and Services Tax (GST) is a historical decision for India. International media has been hailing it as a visionary constitutional moment, which is the result of governments of states and union territories forgoing certain aspects of their sovereignty for the cause of the nation. This pooled sovereignty is also being hailed worldwide. This coming together of the nation to launch GST will change the business landscape of India drastically. Henceforth supply chain will become more efficient as it needn’t be replicated in every state.
“The drastic reduction in costs of manufacturing and logistics clubbed with efficiency gain will benefit the consumer immensely. As India transforms into a single market, its administrative mechanism will pass through the litmus test. This might ask for a lot of preparation from the government and India Inc. Also the other challenge that seems to raise hood is that compared to other nations, India’s tax bracket is on a higher side, which might not go well with the various stakeholders that India has to answer.”
He added, “With this single market concept, India emerges into an opportunity that’s larger than Europe, USA, Brazil, Mexico and Japan put together. For the government this decision is a big win. The international perception of Modi being just an able administrator can now be modified with adding the dimension of being a transformist too, who could achieve consensus among over 30 provinces in India. As far as remittance is concerned, there hasn’t been much of a change, as some banks continue to charge the same percentage of service tax.”