Hamdan Exchange

What Hamdan Exchange does

Hamdan Exchange LLC is an Oman-based money services provider, headquartered in Salalah, that delivers cross-border remittance and foreign currency exchange services to individuals and businesses. The firm has operated for more than three decades and runs a multi-branch retail footprint within Oman while also serving customers through the HEX Pay mobile application on Android and iOS. Its primary customer segments are the expatriate community in Oman sending money to home countries, the local Omani population requiring foreign currency access, and a smaller base of business customers executing bulk currency exchange and business payments.

The company's technology stack centers on HEX Pay, a proprietary mobile-first platform that integrates direct partnerships with six global money transfer networks — Western Union, MoneyGram, Cash Express, Transfast, EzRemit, and Instant Cash — to extend effective payout coverage to more than 100 countries and 100,000+ cash pickup locations worldwide. HEX Pay supports four delivery modalities: direct bank-account credit, cash pickup, doorstep cash delivery, and mobile wallet transfer, with SMS-based transaction alerts and sub-minute payout advertised across corridors. The platform handles 30+ tradable currencies, positioning Hamdan as a domestic Oman aggregator on top of global rails rather than a proprietary end-to-end global network.

Commercially, Hamdan generates revenue through transaction-based fees and foreign exchange spreads on remittance and currency exchange flows, with pricing not publicly disclosed but marketed on the basis of 'best rates'. Its go-to-market combines direct-to-consumer acquisition through the HEX Pay app, branch-based in-person service, and partner-rail-enabled global distribution. The company is privately held as an LLC, has 51-100 employees, and discloses no funding, M&A, or revenue figures; ownership appears founder- or family-led based on the absence of any institutional investor or parent-company signals in available sources.

Name

Hamdan Exchange

Legal name

Hamdan Exchange LLC

Website

https://hamdanexchange.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

51–100 employees

Short description

Hamdan Exchange is an Oman-based money services provider offering cross-border remittances and foreign currency exchange to expatriates, Omani nationals, and businesses through its HEX Pay mobile app, physical branch network, and partnerships with Western Union, MoneyGram, and other global transfer networks across 100+ countries.

Ownership category

akta.pro rank

Product category

Remittance and Currency Exchange Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

akta.pro primary industry

Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF)

akta.pro secondary industries

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Cross-Border & FX Payments Platforms (BPAMAFAK)

Keywords

• Money remittance services
• Foreign currency exchange
• Cross-border money transfer
• Mobile wallet payments
• Cash pickup services

Headquarters

HQ city

Salalah

HQ country

Oman

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Money Remittance Services: Revenue generated from international money transfer and remittance services. Customers pay transaction fees and/or exchange rate margins when sending money abroad. The company offers transfers to 100+ countries with direct bank account credit services and cash payout options.
2. Foreign Currency Exchange: Revenue from buying and selling foreign currencies. The company offers exchange services for 30+ currencies worldwide, generating revenue through exchange rate spreads.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Hamdan Exchange provides cross-border money remittance services and foreign currency exchange through its HEX Pay mobile application, a network of physical branches in Oman, and partnerships with global money transfer leaders. Customers can send money to 100+ countries via bank account transfers, cash pickups at 100,000+ global locations, mobile wallet transfers, or doorstep cash delivery, with support for 30+ currencies. The company generates revenue from transaction fees and exchange rate spreads on these remittance and currency exchange services.

Product overview

Hamdan Exchange operates as a single unified product platform centered around HEX Pay, its flagship mobile application for money transfer and currency exchange. The core offerings include money remittance services and foreign currency exchange, with multiple transfer delivery methods: bank account transfers, cash pickup at over 100,000 global locations, doorstep cash delivery, and mobile wallet transfers. The platform serves customers with availability in 30+ currencies and transfers to 100+ countries, positioning itself as a comprehensive digital financial services solution.

Differentiator

Problem solved

Functional benefit

Products and services

• HEX Pay Mobile Application

Quantifiable outcome

• Beneficiary receives funds within seconds
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Western UnioncoreStrategic or Co-development PartnerDirect partnership with Western Union, one of the world's leaders in instant money transfer services. This partnership strengthens Hamdan Exchange's global network repertoire for cross-border remittance solutions.
• Money GramcoreStrategic or Co-development PartnerDirect partnership with Money Gram for instant money transfer services. Combined with other partnerships to provide comprehensive global remittance coverage.
• Cash ExpressminorStrategic or Co-development PartnerPartnership with Cash Express as part of the global instant money transfer network, expanding cash payout options for customers.
• TransfastminorStrategic or Co-development PartnerPartnership with Transfast for instant money transfer services, enhancing the global reach of Hamdan Exchange's remittance offerings.
• EzRemitminorStrategic or Co-development PartnerPartnership with EzRemit for instant money transfer services as part of the global money transfer network.
• Instant CashminorStrategic or Co-development PartnerPartnership with Instant Cash for instant money transfer services, contributing to the network of 100,000+ cash payout locations.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Emerging players

• Remitly: Digital-first remittance fintech focused on migrant corridors with mobile-first UX. Represents the emerging digital threat segment that Hamdan's HEX Pay competes against, particularly for tech-savvy Omani expat users.
• WorldRemit: Digital cross-border payments company offering mobile money transfers, bank deposits, and airtime top-ups globally. App-led, multi-delivery model that closely parallels HEX Pay's approach to omnichannel remittance.
• Wise (TransferWise): Digital cross-border payments platform offering mid-market FX and low-fee transfers. Targets the same expatriate remittance customers as Hamdan with a transparent, app-led model that competes on price transparency.

Broad incumbents

• MoneyGram: Major global money transfer operator with deep cash-pickup and digital footprint. MoneyGram is one of Hamdan's core integration partners, and both compete for the same Oman-to-home-corridor remittance flows.
• Xoom (PayPal): PayPal-owned digital remittance service for cross-border money transfers. Overlaps with Hamdan's digital and cash-pickup delivery options and competes for the same cross-border consumer transfer flow.
• Western Union: Global leader in cross-border money transfers with the largest agent and payout-location network worldwide. Hamdan partners with Western Union and competes for the same expatriate remittance customer base, but operates as a local specialist rather than global incumbent.
• RIA Money Transfer (Euronet): Large global remittance network under Euronet, with extensive agent footprint and digital send/receive. Closely comparable agent-network and payout-location model to Hamdan's service portfolio.

Regional players

• Al Rajhi Banking & Investment Corporation (Midad): Largest Saudi bank with a dedicated remittance and currency exchange offering (Midad) serving Saudi Arabia's large expatriate workforce. Comparable regional institution offering bank-grade remittance and currency exchange comparable to Hamdan's services, but anchored in Saudi rather than Oman.

Direct peers

• Al Ansari Exchange: UAE-headquartered remittance and foreign exchange company serving expatriate communities across the Gulf with similar multi-channel delivery. Direct regional peer operating an essentially identical business model (cash pickup, bank transfer, mobile app, FX) targeted at the same South Asian and Filipino expat segments.
• UAE Exchange / Unimoni: Major Gulf-based remittance and FX brand with extensive branch and digital network. Highly comparable in product mix (remittance, FX, mobile app) and customer base to Hamdan, with regional scale that Hamdan could aspire to.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/HamdanLlc
• Facebookfacebook.com/hamdanexchange
• LinkedInlinkedin.com/company/hamdan-exchange-llc

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hamdan Exchange