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Financial technology firm Wizz Financial said on Thursday the United Arab Emirates central bank had approved its acquisition of currency firm UAE Exchange, a unit of troubled London-listed payment firm Finablr which Wizz agreed to buy last year.
Matrix International picked for financial compliance and fraud prevention
Prism, RSP appoint Matrix for financial compliance at Finablr ABU DHABI, February 8, 2021 The consortium of Prism Group and Abu Dhabi’s Royal Strategic Partners (RSP) has appointed technology solutions firm Matrix International Financial Services to advise on financial compliance and fraud prevention measures at Finablr and its subsidiaries. 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. Its expertise includes devising and implementing fraud prevention strategies...
Prism Group's Swiss subsidiary Global Fintech Investments and Abu Dhabi's Royal Strategic Partners signed a share purchase agreement to buy Finablr, which is listed on the London Stock Exchange, in December. Finablr, whose companies include the UAE Exchange, Xpress Money, Bayan Pay, Remit2India and Unimoni brands, is being restructured after the group reported undiscovered liabilities in May last year that mean its debts were $1 billion higher than the $334 million reported in its last filed accounts for the year to June 30, 2019. The company's former owner, BR Shetty, has claimed he is the v...
Finablr relaunch plan gains traction issacjohn@khaleejtimes.com Filed on February 8, 2021 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 ...