Kuwait Na­tional Ex­change WLL wins right to use UAEXCHANGE in Kuwait

Kuwait Times - - BUSINESS -

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.”

Pro­moth Mang­hat

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