New Delhi: Reliance Money, the financial products distribution company of Anil Dhirubhai Ambani Group, unveiled the new brand identity for Travelmate Services and announced major business plans for its Money Changing Services and Full-Fledged Money Transfer business.
Travelmate Services, a part of Kuoni Group, was acquired by Reliance in November 2006 and is now a wholly owned subsidiary of Reliance Capital. The company has been in the Money Transfer Services (MTS) and Full-Fledged Money Changing (FFMC) business in the country since 1993.
The new brand identity for Travelmate, which will now be known as Reliance Money Express, was unveiled by Sudip Bandyopadhyay,director and CEO, Reliance Money in the Christina Gold, Worldwide CEO presence of Western Union and her team here today.
“This new name and brand identity would bring sharper focus and align the MTS and FFMC business more closely with the core business of financial distribution being carried out by Reliance Money. Reliance Money Express would significantly benefit from the rapidly expanding footprint of Reliance Money across the country as this would enable them to reach out to their customers more effectively and efficiently” said Mr Bandyopadhyay.
Elaborating on the potential of the MTS business in India, he informed “India is the largest recipient of global remittance of around $27 billion (Rs108,000 crore) which is more than 10% of the total global remittance inflow of $240 billion (Rs960,000 crore). This is continuously rising due to labour migration and increasing wages.