Mubasher: UAE Exchange has reached a deal to acquire the online remittance business “Remit2India” from TimesofMoney, India
The value of the transaction has not been disclosed, according to a statement.
The online board has over 500,000 customers, mainly Indian expatriates, in the USA, Canada, Australia and various other countries.
TimesofMoney had pioneered through Remit2India the online remittance business to India back in 2001 and has several industry ‘firsts’ to its credit.
Remit2India has developed proprietary technology for the delivery of rapid and reliable remittance services to its customers.
The acquisition aims to significantly help expand UAE Exchange's digital remittance business as well as improve its customer proposition across key send markets like the USA, UK and Australia.
The proposed deal is expected to be closed out in the first quarter of 2017, yet it is subject to regulatory approvals and other conditions.
UAE Exchange has been operating for 36 years and has around 800 branches spread across 31 countries in five continents. It handled $27.56 billion (AED 101.226 billion) worth of transactions in 2015 and has nearly 6% share in the business to developing countries.
