Sudhir Shetty: A Journey from Village to COO of UAE Exchange
by Walter Nandalike

March 27, 2008

It has long been a paradox that many people who hail from small, tiny villages usually end up creating a big name for themselves at the national as well as international level. Committment and hard work coupled with insatiable zest to reach the zenith of success have set them apart from their urban counterparts and paved the way for their accomplishments.

Though not every achiever has his roots in a village, here is a true community achiever who has risen from a simple family in an idyllic village miles away from Mangalore, and has been a role model for up-and-coming youngsters who aspire to become top executives of big firms.

In this era of globalization and cut-throat competition, introducing Sudhir Shetty's achievements to the vast number of Daijiworld readers will surely inspire youngsters and give them an idea on how to take the right step at the right time.

Sudhir Shetty of UAE Exchange is a familiar name to not only the people of the coastal region, but to people across the globe.

A brilliant, extremely down-to-earth, highly religious and more importantly a person of warm and friendly nature, Sudhir Shetty was born in a village not many may have heard of. He hails from Yenmakaje, a remote rural setting far from the city, where there was not even electricity, transport and even the most basic facilities, atleast during those years.

He was posthumously born to the late Vorvady Timmappa Shetty, who was the district education officer, and Kalavathi Shetty who was a housewife.

Sudhir says that his grandfather the late Belle Shyamaraya Shetty, who was the headmaster of a high school, was very popular in his hometown.

'I have never seen my father as he died even before I was born. So after my birth we were compelled to move to my mother's place. I am the younger of two sons. My brother is settled in Mangalore.'

Early Education:

Education in those days was not an easy task to achieve, especially in rural areas. Sudhir used to walk four miles every day to reach Perla Lower Primary School, where he studied up to class III. He then continued his studies up till class X at S N High school, Perla, securing first class in SSLC.

The turning point in his education came when, after SSLC, he applied for commerce in PUC at St Aloysius College, Mangalore. Having come a long way from his native Perla (Kasargod district), he never applied for any other college. However, he only had the option to take up PCMB combination as no other was available and all other colleges had already closed admission. Having no other alternative, Sudhir took up PCMB half-heartedly, though his interest was commerce.

College life was just beginning when only three weeks after joining, the principal called him and offered him a seat in commerce which was left vacant after five students had decided to withdraw their admissions.

'I was really lucky, and I consider it the turning point of my education,' says Sudhir.

A brilliant student, Sudhir Shetty secured first class both in PUC and degree (BCom), which helped him to enrol for Chartered Accountancy. Academic-hungry Sudhir Shetty simultaneously opted for a law degree from SDM Law College.

"The reason why I joined SDM Law College was that I had no confidence in passing my CA exams!' says  Sudhir in a light-hearted tone.

But he had under-estimated himself. In the year 1982 Sudhir completed his CA, and practised under the late V M Shetty & Co.

After three year of articleship, Sudhir rendered his service as a lecturer in accountancy, costing and income tax  at VAG's place, Carstreet.

Sudhir proved to be great leader too while serving in the capacity of the president elect of Rotaract Club, Mangalore. He was dynamic and proactive, two qualities which took him to greater heights in the years to come.

An Upward Journey:

Sudhir Shetty had no plans to go abroad to build his career. But it was his meeting with B R Shetty, chairman of  NMC Group that changed his mind and his life forever. B R Shetty offered him a job in Abu Dhabi, at a time when Sudhir did not even have a passport.

Accepting the interesting offer of internal auditor's job in NMC Group, Sudhir Shetty has since then never looked back.  His highly creative mental faculties, able administrative skills and dynamic leadership helped him forge ahead to higher levels of the company's heirarchy.

From being the group's internal auditor, he found himself at the helm of affairs of UAE Exchange in 1991, after the sudden demise of the then UAE Exchange chief.

Until 1991, UAE Exchange had only four branches in UAE. His arrival made a strong and long-lasting impact in the business and growth of the company. The company's branches began mushrooming all over UAE (Dubai, Ras Al Khaima, Fujairah, Sharjah etc) and very soon, the company witnessed unprecendented levels of growth.

Under his baton, an in-house IT development project was imitated, which today has resulted in enabling money transfer from any UAE Exchange outlet to anywhere in the world within fractions of a second!

In 1996 he initiated back office in India (Cochin) for downloading data in India.

Key achievements of UAE Exchange:

Under Sudhir Shetty's leadership, UAE Exchange has made tremendous strides. Some of the key achievements are:

• UAE Exchange became the first agent for Western Union Money Transfer in the Middle East
• It became member of SWIFT (Society for Worldwide Interbank Financial Telecommunication)
• UAE Exchange has the distinction of being the world's first member of Non-banking Institutions 
• UAE Exchange moved out of UAE to other countries like Oman, Kuwait, Bahrain, Qatar etc
• The company spread its wings further from the Gulf and India, moving to the USA, Australia, Sudan,the UK, Uganda, Hong Kong, Fiji,Bangladesh, Srilanka, Pakistan and other countries
• UAE Exchange became the first money exchange company to introduce Gold Card service.
• In 1999, it was the first money exchange company to use the internet facility to introduce instant cash transfer called Xpress money to anywhere in the world

Unprecedented Growth:

Today UAE Exchange under the leadership of Sudhir Shetty has reached the pinnacle of success with high quality service, spread over 17 countries, 374 offices with over 6000 employees. Currently, the company has 1.65 million registered card holders only in the UAE!

In the year 2007, the company recorded over 8 billion USD remittence, out of which 3.7 billion USD (about 14,000 crore) was remittence only to India!

In UAE despite stiff competition and growing number of money exchange companies, UAE Exchange is enjoying 60% of the total market space which speaks volumes about the strong presence of the company.

Sudhir Shetty's Mantra to Young Aspirants:

Sudhir loves challenges and always advises youngsters to be on their toes with a steady head on their shoulders. 'Hard work, committment and dedication should always be a part of one's life and today's youth should follow this simple formula first no matter what they aim to achieve.'

'But what is most important is be fair, treat everyone equally and take decisions purely on merit. Be always impartial and ever ready to take up any challenge in life,' is his advise to budding achievers.

Sudhir Shetty, all of just 49 years, is still one of the youngest chief operating officers Mangalorean communities have seen in recent times at the international level. He is truly an inspiration to thousands of young executives, especially youngsters of the community.

His dedication and leadership have proved that one can bring up any company to high levels of success with sheer focus on work, using latest technology and manpower, together with creative ideas and presence of mind.

Sudhir Shetty is grateful to B R Shetty, founder and chairman of NMC Group (UAE Exchange is also a part of it) for his timely guidance and inspiration. He describes him as one of the greatest personalities of the era.

Sudhir is married to Sheela and has two daughters Sushiksha (14) and Sushmika (11), currently residing in Abu Dhabi.

Awards:

Under the able leadership of Sudhir Shetty, UAE Exchange has received the following awards and accolades:

• MRM Business Excellence Award in Financial Service - 2007
• International Money Transfer Association London Award for Innovation of the year 2007
• Excellence in Straight through Processing by Deutsch Bank - 2006
• Dubai Quality Appreciation Programme - 2006
• Dubai Service Excellence Scheme Award for the Best Branch - 2006

UAE Exchange has dedicated basket ball, cricket, bowling and football teams which participate even at the international level.

Not to forget, UAE Exchange is one of the premier organizations supporting community and cultural activities 
through various kinds of sponsorship programmes.