UAE Exchange, a leading remittance and foreign exchange brand based in Abu Dhabi, has decided to temporarily suspend any new transactions at all of its branches and its online platforms, reported Gulf News, citing a company statement.

“Due to certain operational challenges, we have temporarily suspended acceptance of any new transactions at UAE Exchange branches and via our online channels,” the report quoted UAE Exchange as saying in an emailed statement.

Owned by the UAE-based billionaire Dr BR Shetty and a subsidiary of London-listed Finablr,  
UAE Exchange said its customer service touchpoints as well as its branches will remain open to support and attend to any queries customers may have, said the report.

“We are currently focused on processing all existing transactions as quickly as possible,” the UIAE Exhange company added, while apologizing to its customers for any inconvenience caused.

However, the news of temporary halting transactions comes soon after Finablr announced "temporary suspension of trading on the London Stock Exchange."

It had been announced last week that an internal investigation had been launched to go through the company's operations and see if there are any discrepancies.