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UAE billionaire acquires India's TimesofMoney's online arm

Dubai - BR Shetty's UAE Exchange strikes deal to acquire Remit2India

UAE-based billionaire BR Shetty's global remittance firm UAE Exchange today announced that it has reached a deal to acquire the online remittance business "Remit2India" from TimesofMoney, India, for an undisclosed amount. 
The firm said in a statement that, founded in 2000, Remit2India is an online brand with more than 500,000 customers, mainly Indian expatriates, in the US, Canada and Australia. 
Remit2India has developed proprietary technology for the delivery of rapid and reliable remittance services to its customers, the firm noted in a media statement. 
"This is a significant step for us and is fully aligned with our strategy to expand and excel in the digital space. Remit2India is a pioneer in online remittances and we look forward to combining our expertise and knowledge as the world's leading remittance business with Remit2India technology, to complement and accelerate our growth," said Dr. B.R. Shetty, Chairman of the UAE Exchange Group and Vice Chairman of the Travelex Group. 
Speaking on the deal, Promoth Manghat, CEO of UAE Exchange Group, said: "Digital is going to be a key driver of this industry with consumer adoption gaining tailwinds and we expect a significant surge in this digital opportunity." 
The deal is expected to be closed out in the first quarter of 2017 subject to regulatory approvals. 
UAE Exchange handled $27.56 billion worth of transactions in 2015 and has nearly 6 per cent share in the business to developing countries. The World Bank estimates that in 2014, global remittances were at $583 billion, of which $435 billion was to developing countries.