Interview with Zahir Moghal, CEO of Delma Exchange, Leading Foreign Exchange Provider in Dubai

Celebrating 12 years of bespoke solutions in the foreign exchange landscape, Delma Exchange has emerged as a stalwart in the industry. Delma Exchange is one of the leading foreign exchange providers in the UAE. They deliver extensive foreign exchange management and international payment services to trading enterprises operating on the global stage in the Gulf region.

Delve into the company’s journey as Zahir Moghal, CEO of Delma Exchange, talks about the mission and the critical role played by them in the B2B financial services sector.

Mission and Core Values

With 25 years of experience in the foreign exchange business, Zahir Moghal played a major role in the growth of Delma Exchange. He reflects on the inception of the exchange and its journey into the vibrant landscape of financial services. A company already formed by associates and friends, Delma Exchange became the focal point for their ambition to transplant a UK-style foreign exchange model into the UAE. This marked the beginning of a mission to establish a distinctly British entity aimed at servicing both corporate and private clients seeking foreign exchange solutions.

At the heart of Delma Exchange's mission is a commitment to being bespoke and client-centric. Zahir explains how the overarching goal has consistently revolved around empowering both corporate and private clients. He says,

“Our aim, 12 years ago, was to form a UK type of entity that would service corporate and private clients for foreign exchange. The objective was to be very bespoke and very client-centric, empowering them with our knowledge and expertise in a transparent way.”

At the core of Delma Exchange's business philosophy lies a dedication to providing clients with the tools and insights necessary for navigating the intricacies of the foreign exchange landscape.

Major Milestones

Over the past decade, Delma Exchange has undergone a remarkable transformation, evolving from a traditional exchange house catering to retail clients into a dynamic player in the corporate field. The company's initial focus on remittances to traditional corridors like India, the Philippines, Sri Lanka, and Pakistan expanded significantly.

A major milestone was achieved when Delma Exchange expanded its partnerships and counterparts, started doing deals with European settlements, and engaged in transactions with the Japanese yen, all managed directly from the UAE. Another significant stride was taken with the introduction of forward contracts, offering a hedge for both companies and private individuals against market fluctuations. This not only empowered businesses importing goods but also provided individuals with stability when making significant investments, such as buying property abroad.

Zahir proudly shares the adoption of cutting-edge technology, accelerated by the pandemic. This underscores Delma Exchange's commitment to staying at the forefront of industry trends. Notably, the company's growth is measured in transactions and the loyalty and longevity of its team, reflecting a strong organizational culture.

Diverse Financial Offerings

Delma Exchange has carved a niche for itself by offering a comprehensive array of financial services tailored to the needs of both corporate and retail clients. At the core of their offerings is the standard spot transaction, a universal service allowing clients to book deals for seamless payments. They provide competitive rates thereby facilitating transactions with efficiency.

Beyond this, the company extends its services into hedging through forward contracts, enabling clients to fix rates for specific timeframes. This proves invaluable for businesses seeking rate stability for extended periods. Additionally, Delma Exchange offers clients the opportunity to optimize rates through market orders. Even though these services might seem complicated, they are similar to the advanced methods big companies have used for a long time. Their goal is to make these financial tools accessible to regular people and businesses, helping them improve their financial abilities.

Staying Ahead of the Curve

Delma Exchange remains vigilant in adapting to the ever-changing landscape of global finance. Recognizing the continuous evolution of the marketplace, particularly within the innovative and technologically driven financial industry, the company emphasizes the importance of staying ahead of current trends. Zahir says,

“I believe one of the most significant transformations in the past 10 to 15 years lies in the landscape of regulations and compliance. It is where we channel a considerable amount of our time and energy to ensure not only compliance but also the continuous protection of our clients.”

The company employs a forward-thinking strategy that actively embraces regulatory changes, aligns seamlessly with its overarching vision, and harnesses cutting-edge technologies to offer strategic guidance to clients engaged in foreign exchange transactions.

Delma Exchange stands out by emphasizing trust and knowledge in the domain of international money transfers. Zahir stresses the importance of effective communication and how it is necessary to build strong client relationships. The company has a centralized and communicative approach to ensure seamless exchange of information. This also fosters trust between the company and its clients.

With a core focus on safeguarding clients' funds and adhering to stringent operational standards, Delma Exchange has cultivated a reputation for reliability. The pillars of knowledge and trust underscore the company's ethos. This provides their clients with the assurance that their financial transactions are handled securely.

Tailored Approach

Delma Exchange does not follow a one-size-fits-all strategy. Instead, the company approaches each client individually by crafting bespoke strategies based on their unique needs. CEO Zahir Moghal says,

“We do not have an overall strategy for all clients. We are very much bespoke and we look at each client and each case individually.”

Zahir also shares a recent example that underscores this commitment, where a client referral led to the guidance of a lawyer purchasing a house in Spain. He not only navigated the complexities of foreign exchange for her but also provided comfort through knowledge-sharing. This personalized approach extends to corporate clients, acknowledging their diverse needs in terms of time constraints and rate considerations.

Delma Exchange's role in supporting businesses in the UAE is crucial, especially in a landscape dominated by massive imports. They recognize that dealing with substantial sums of money requires a hands-on approach in the realm of business transfers. Hence, they play a vital role in facilitating these financial transactions that ensure a secure, safe, and personalized service for foreign exchange.

Technological Advancements

Technology and innovation have been reshaping many sectors including the financial sector. Amidst the transformative landscape accelerated by the pandemic, the company leverages technology to revolutionize its services and enhance the overall customer experience. Zahir emphasizes the inevitability of incorporating technology in financial operations, drawing parallels to the rise of online-only banks and the seamless delivery of services, such as food, through technological means.

The company’s approach aligns with the industry's objective of executing secure payments using advanced technology while acknowledging the indispensable need for human involvement, particularly in addressing unforeseen challenges. Zahir says,

“Technology with a human touch is our approach. We have launched platforms for corporate payments, helping clients manage their foreign exchange efficiently and providing tools for documentation and proof of transactions.”

With the launch of the first phase of a corporate payments platform, Delma Exchange not only facilitates day-to-day transactions but also assists clients in navigating complex financial processes, such as corporation tax filings. The platform offers a comprehensive system for documentation and proof of transactions.

Success Formula

Delma Exchange attributes its strong reputation to consistency. The company prides itself on delivering what it promises – a trusted and bespoke foreign exchange service. Zahir states,

“Consistency is key. If we say we are a trusted, bespoke foreign exchange company, we aim to deliver that consistently. The more times clients find us trustworthy, the stronger our reputation becomes.”

By consistently meeting and exceeding client expectations, Delma Exchange stands out as a trusted partner for currency exchange and remittance services.

Strategic Partnerships

Partnerships form the backbone of Delma Exchange's growth strategy. Zahir emphasizes the pivotal role of partnerships in business growth, highlighting the collaboration with clients as primary stakeholders in the realm of foreign exchange. Beyond client partnerships, Delma Exchange has cultivated extensive relationships with counterparties, ranging from banks in the UAE to global entities in Europe and India.

These partnerships have evolved over 12 years incorporating advanced technology and expanded product offerings to enhance client benefits. Delma Exchange relies on a network of support services, collaborating with cloud and IT companies, along with building strong relationships in PR. This not only strengthens the company's foundation but also showcases its resilience and capability, ultimately benefiting its clients.

With over 12 years in the field, Delma Exchange continues to navigate the seas of foreign exchange with a blend of expertise, technology, and a human touch, ensuring its clients' success in every transaction.