Times Financial Services in strategic tie-up with Reliance Communication International

Company Brief

New Delhi, December 09, 2007

The future of money is here. Times Financial Services (TFS), the world's leading online remittance player today announced a strategic tie-up with Reliance Communications International Inc., (RCII - the US subsidiary of Reliance Communications RCOM) to offer mobile based money transfers.

The meeting of the two online pioneers in remittance and telecom, each deeply entrenched in the expatriate market, will help further enhance the value proposition for international money transfers. The alliance will empower NRIs in the USA to send money to India while being on the move via their registered mobile, fixed phones. The service shall enable the NRI to register over an IVR menu and initiate bank-to-bank account transfers while on the move.

Currently, India receives over US$ 28 billion in annual remittances with traditional methods like check transfers, wire transfers and money transfer agents as the pre-dominant channels. However, the share of new age remittance channels like online money transfers and services like Remit2India are fast changing the landscape. With mobile money transfers soon on the anvil, the NRI customers can combine speed with convenience. The service shall reside on the Automated Clearing House (ACH) mechanism of the US.

Mr. Suresh Rangarajan, President, TFS, commented, "We are extremely buoyant about offering a mobile remittance platform since it couples cutting edge technology with utmost security. We are proud to join hands with a leading player like Reliance Communication and believe this will herald a new chapter for money transfers."

Mr. V.K. Aggarwal, President, International Business, Reliance Communication, said, "We are extremely excited to partner with Times Financial Services who bring with them the domain expertise in money transfers. Reliance India Call and Reliance Global Call are the largest India and Global Calling service provider for NRIs and with this service; we have further strengthened our proposition and offering. We are confident the future of money is here."

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