GARSHOM BUSINESS EXCELLENCE AWARD 2017
Promoth Manghat is a tireless champion of entrepreneurship and innovation in business, bringing out-of-the-box solutions in finance, strategy, product development, marketing, mergers & acquisitions and digital space, transforming UAE Exchange group into a truly global entity. He has been primarily responsible for the transformation of a USD 350 million revenue entity into a USD 1.4 billion revenue conglomerate within a short span of time.
The past three years witnessed Promoth taking great strides in the inorganic growth path of the group with critical investments and acquisitions. He deftly handled the complex acquisition process of Travelex, the world’s leading Foreign Exchange specialist and Remit2India, the online money transfer portal platform apart from acquiring a series of other businesses globally. Today with five top notch brands – UAE Exchange, Xpress Money, Travelex, Ditto Bank and Remit2India – the Group has emerged into a globally leading conglomerate that brings immense value to its over 15 million customers worldwide.
As the Group CEO, his digital vision ensured that the group partnered with various Fintech start-ups; is an active participant in various incubators in association with the likes of DIFC, ADGM, New York University etc.; and has also made significant investments in start-ups backed by the highly potent block chain technology. Promoth’s overarching principle of excellence has helped the brand firmly root itself in the labyrinthine ways of the money movement industry.
Promoth serves on the World Economic Forum’s Global Steering Committee for Financial Inclusion. As an acknowledged expert and thought leader in the money transfer, fintech and financial inclusion domains, Promoth is a sought-after speaker at industry forums and conventions. He serves as a corporate mentor to some of the leading startups being nurtured under UAE Exchange’s institutional partnerships and is a keen commentator on technology innovation in Financial Services.
The social dimension of Promoth’s personality is rich and dynamic. He desires to make a positive impact to world beyond his profession. To shape this vision into reality, Promoth, along with his brother Prasanth Manghat, wife Santhi Manghat, and co-sister Jyothy Palat, founded the Manghat Foundation. The foundation supports various causes that the family believes in like education, healthcare and social philanthropy. It is currently involved in setting up the Avitis Hospitals, Clinics and Pharmacies to bring accessible and affordable healthcare services to remote regions of India. The foundation is also setting up a state-of-the-art school in the remote tribal region, in memory of former President of India, Dr. A.P.J. Abdul Kalam. Promoth has received several awards and recognitions from various professional and social organisations for his achievements as a business leader and a socially committed individual.