BRIEF PROFILE OF ORIENT EXCHANGE CO. (L.L.C.)

Orient Exchange Co. (L.L.C.): A Century of Excellence

Origins and Early Beginnings

In the bustling landscape of the early 20th century, the United Arab Emirates was a region surging with opportunity and promise. Foreign currencies were in high demand, yet there were no banks or financial institutions equipped to cater to this growing need. It was against this backdrop that Orient Exchange Co. (L.L.C.) emerged as a beacon of financial services.

In 1923, Orient Exchange Co. (L.L.C.) was established, marking the beginning of a remarkable journey. Driven by customer demand and market dynamics, the company embarked on its mission to facilitate seamless foreign exchange transactions. Operating under the name M/S Paramanand Jethanand, Orient Exchange Co. (L.L.C.) swiftly became a trusted partner for individuals and businesses navigating the complexities of international trade.

Evolution and Official Recognition

As Dubai evolved into a thriving hub for commerce and trade, Orient Exchange Co. (L.L.C.) adapted and expanded. In 1963, the company received official recognition from the Dubai Municipality, registering as M/s Arabian Trading Agency. This milestone solidified its position as a key player in the exchange industry.

However, significant changes were on the horizon. In 1982, the Central Bank of the UAE began licensing and regulating all money exchange companies. As part of this regulatory shift, Orient Exchange Co. (L.L.C.) underwent a transformation. In 1986, the company rebranded as Orient Exchange Co. shedding its previous identity. The term Trading and Agency was no longer permissible in registered names due to agency laws introduced in the UAE in 1983.

The Journey to Limited Liability Company

Orient Exchange continued to thrive, guided by visionary leaders who understood the importance of adaptability and innovation. In 1994, the company took a momentous step by converting into a limited liability company (L.L.C.). This strategic move not only ensured financial stability but also positioned Orient Exchange Co. (L.L.C.) as a reliable partner for clients across the globe.

Modernization and Compliance

Orient Exchange Co. (L.L.C.) has consistently been at the forefront of technological advancements. In the early 1980s, it became one of the first exchange houses to fully computerize its operations. Today, a state-of-the-art web-based Enterprise Resource Planning (ERP) system controls its day-to-day activities, ensuring efficiency and accuracy.

Compliance is a cornerstone of Orient Exchange Co. (L.L.C.). The company maintains a robust Anti Money Laundering (AML) policy, rigorous Know Your Customer (KYC) procedures, and a comprehensive control system overseen by a centralized compliance department. Regular inspections by the Central Bank of the UAE attest to the company’s commitment to transparency and best practices.

Risk Management and Security

Orient Exchange Co. (L.L.C.) safeguards against risks with a comprehensive Banker’s Blanket Insurance Policy in addition to other measures to safeguard customer funds as mandated by the regulation. This commitment to security underscores the company’s dedication to protecting its clients’ interests.

Orient Exchange Co. (L.L.C.) stands as a testament to resilience, adaptability, and unwavering commitment. For over a century, it has facilitated global transactions, bridging distances and fostering economic growth. As the UAE continues to evolve, Orient Exchange Co. (L.L.C.) remains a trusted partner, guided by its rich legacy and a vision for the future.