Thaindian News

Cochin, May 19 (IANS) Reliance Money Express, part of the Anil Dhirubhai Ambani Group Thursday announced a tie-up with Muthoottu Mini Financier (MMF) for offering money transfer services to customers in South India.

This is the first such tie-up by Reliance Money Express in the money transfer business and the company will offer such services to customers across Tamil Nadu, Kerala, Karnataka and Goa through MMF branches.

“We are happy to partner with Mini Muthoottu Group for offering money transfer services in this region. South India enjoys a 50 percent share of the total money transfer business across India,” said Vikrant Gugnani, director with Reliance Money Express.

Reliance Money Express is a subsidiary of Reliance Capital, India’s largest financial services company in terms of net worth.

“We believe our partnership would help both companies capture the huge growth potential in the money transfer business in this region,” he added.

Muthoottu Mini Financier is a part of Mini Muthoottu Group, a leading non-banking financing company with significant presence in Kerala, Karnataka, Tamil Nadu and Goa.

As part of the agreement, Mini Muthoottu would be using the platform created by Reliance Money Express for receiving money from over 200 countries.

This money would be then dispensed to authorized customers from over 400 Muthoottu Mini branches spread across the region.

“India’s share in global remittance has been steadily increasing. Reliance Money Express is amongst the largest money transfer companies in India and we see our share in this business doubling in the next one year with this tie-up,” said Gugnani.