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This will allow new owner Wizz Financial to quickly re-launch operations

Wizz Financial, which is in the payments space, has bagged regulator approval

Planning to remit? Indian rupee gains, Pakistani currency dips Waheed Abbas/Dubai Photo: Reuters Indian rupee rises to 19.94 versus dirham The Indian rupee appreciated by 10 paise to 73.20 against the US dollar (19.94 against UAE dirham) in opening trade on Tuesday supported by positive domestic equities and strong Asian currencies. At the interbank forex market, the local unit opened at 73.22 against the US dollar, then inched higher to 73.20 against the greenback, registering a rise of 10 paise over its previous close. Also read: On Monday, the rupee had settled at 73.30 against the greenba...

The deal is expected to be finalised by the second quarter of this financial year. Alvarez & Marsal, which is also handling the administration of Abu Dhabi-based hospital operator NMC Healthcare, will assist with due diligence on future acquisitions by the consortium. The acquisition of Finablr Ltd. was agreed at the end of last year. The consortium is channeling this deal through Global Fintech Investment Holdings. Opportunity to be a powerhouse If the deal with Bahrain's BFC Group Holdings do take place, it would create the "largest remittance services and currency exchange gr...

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...