Reliance Money enters UAE, to tap 20 million NRIs

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Dubai, Feb 12 (UNI) To expand its financial services in West Asia, Anil Ambani-owned Reliance Money today launched its cost-effective financial services in the United Arab Emirates (UAE) and expects to tap 20 million NRIs and Indians residing in the entire Gulf region.

The financial service and product distribution arm of Reliance Anil Dhirubhai Ambani Group also announced its tie-up with Dubai International Securities (DIS), a part of the Al Rostamani Group, for distribution of its financial products and services in the UAE.

''We are aiming to tap about 20 million NRIs in the Gulf region by offering the cost-effective, secure and quality financial services,'' Reliance Money Director and CEO Sudip Bandyopadhyay told reporters while launching the services here.

He said the company is eyeing over a lakh customers in the first year itself.

Under this partnership, Reliance Money will launch its brokerage and mutual fund services initially. It will also offer a mobile portal that would allow the customers to get free real-time access to market information on their phones and keep track on the Indian stock markets.

The firm has also launched its Portfolio Management Services which will be offered for as low as 50,000 dollars.

''We want to approach the salaried as well as professional class to ensure that their savings can be channelised. With this vision, we are launching our cost effective PMS to investors with 50,000 dollars,'' Mr Bandyopadhyay said, adding that the company expects to add atleast 25,000 PMS investors within the next 12 months.

Commenting on this partnership, Al Rostamani Group CEO Ernest J Ratnayake said, ''DIS has a large Indian clientele across its network. With this tie-up, we would be able to provide our customers with a cost-effective participate in the India growth story.'' The Group is also looking for good partner to expand its servies in the entire Gulf region.

Reliance Money provides a single window, enabling customers to access, amongst others, equity and commodity derivatives, mutual funds, IPOs, life and general insurance products, offshore investments, money transfer, money changing, gold coins and credit cards.

DIS is a registered broker in Dubai Financial Market (DFM), Abu Dhabi Securities Market (ADSM) and Dubai Gold and Commodity Exchange (DGCX) licenced Securities and Commodities Authority of the UAE. It is also active in the GCC, the US and Indian markets.

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