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, advising on measures to tackle financial crime and introducing comprehensive anti-money laundering policies. Matrix will work with Prism Group AG to introduce efficient and effective financial crime systems and processes across the Group.

Prism formed a consortium with Royal Strategic Partners to complete the purchase of Finablr at the end of last year - since when the consortium and Finablr Plc have been working in conjunction with regulators and stakeholders to conclude the formalities of the acquisition.

Speaking from Prism’s regional office in Dubai, Prism Group AG co-founder Amir Nagammy said: “The appointment of Matrix is another significant milestone in our plan to recapitalise, restructure and rebuild the Group and revitalise its portfolio of assets in some of the world’s fastest-growing markets. Together with Royal Strategic Partners, the Consortium is committed to working with all of Finablr Group’s stakeholders to build a major international fintech group of companies serving the remittance and payment needs of its 22 million customers across 170 countries. The transformation of the Group will create a world-leading financial services platform in some of the world’s most dynamic and rapidly-expanding economies”.

Dr Hamad Al-Ali, CEO of Royal Strategic Partners, said: “We are delighted to announce the appointment of Matrix, which has advised many leading firms on compliance issues and putting systems in place to fight financial crime. The calibre and experience of the advisors we are working with demonstrates our determination to restore the Group as quickly as possible in the interests of its lenders, customers and employees.”

Robert Miller, Finablr Group CEO said: “The appointment of Matrix shows progress continues to be made as we work with all our stakeholders to restore the financial stability of Finablr. I would like to thank them for their patience and support. I remain optimistic that the deal agreed with the Consortium will enable the company’s operations in the UAE and the wider region to continue and to grow.”

Angad Chadha, Head of Innovation and Digital at Prism Group AG, added: “We are delighted to be partnering with Matrix IFS, whose clients include many of the world’s leading financial institutions. Matrix is one of the leading providers of financial crime and compliance solutions, and it will work with us to ensure our policies and practices are comprehensive and robust. Technology has transformed financial markets and it is vital that we have the best systems in place to identify, prevent or report financial crime”.

The Consortium intends to revitalise the Group in order to secure the status of UAE Exchange and Xpress Money as key pillars of the UAE’s financial system in one of the world’s most dynamic, exciting and fastest-growing business destinations.

The appointments of Matrix and Moelis & Company represent a significant step forward in the Consortium’s plan to recapitalise the company on behalf of its customers, employees and stakeholders.

It will lead to the anticipated re-opening of UAE Exchange, the Abu Dhabi-based remittance house, whose branches have been closed since March 2020, along with the Group’s other leading products. They include global money transfer Group Xpress Money and businesses in international markets including India.

The products the Group offers include currency exchange, payments and remittance solutions services to more than 22 million customers and over 1,500 corporate partners. – TradeArabia News Service