DUBAI: Financial technology company Wizz Financial is set to acquire remittance house UAE Exchange, previously owned by troubled London-listed payment firm Finablr.

The UAE central bank approved the full acquisition, and once finalized, it will see the reopening of the exchange houses’ extensive branch network in the country.

“We are delighted to receive in-principle approval from the Central Bank of the UAE, and we are very thankful for the confidence, support and commitment the Central Bank and senior leadership of the country have shown us,” Wizz Financial co-founder and chairman Amir Nagammy said in a statement.

All branches of UAE Exchange were closed in March last year, before its owner Finablr was acquired by Wizz.

The exchange house, Bloomberg reported, defaulted on about $300 million of foreign-exchange loans, which had not been repaid because of Finablr’s financial situation.

Finablr warned of potential insolvency then, and conducted investigation on any previous misconduct and misappropriation of its assets.

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