Acquires majority stake
Independent payment solutions provider in the Middle East and Africa, Network International, has acquired a majority stake in Indian online remittance and digital payments service provider Timesof Money. The acquisition enables Network International to open up an online remittance service in the GCC-India corridor, and it also hopes to provide new value-added remittances and retail based services by leveraging TimesofMoney’s position in the global money transfer sector and in the payment services space in India.
India is one of the highest remittance receiving countries in the world, estimated at US$ 64 billion annually. The value of the GCC-India remittance corridor is valued at approximately US$ 25 billion annually, while the cross border remittance market is estimated at approximately US$ 415 billion globally.
Bhairav Trivedi, Chief Executive Officer of Network International, said: “We are delighted that TimesofMoney is joining the Network International family as part of our on-going strategy to provide best in class remittance services to our customers.”
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