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Dubai—based global money transfer company Xpress Money today said it is looking at a 15—20 per cent growth in its India business this year.
“We have consistently been growing at 15—20 per cent year—on—year during the past few years. We want to continue to the same growth rate this year also,” said chief operating officer Sudhesh Giriyan.
Xpress Money has presence in 150 countries and has 1,70,000 pay—out locations across the world.
It is present in West Asia, the US, Britain, Europe, Australia and Canada, among other countries.
He said the biggest contribution to its business in the country comes from West Asia which accounts for three—fourths of its total business.
As per a recent World Bank report, remittances to the country rose to a record $70 billion in 2014.
“Around 22 per cent or $16 billion out of the $70 billion remittances to India comes from the UAE alone. All together, inflows from West Asia is nearly $45 billion every year,” he said.
He said his company is now aiming to raise the share of remittances to India from other parts of the globe.
“Over the next three—four years, we want this ratio to change to 50:50 between West Asia and the rest of the world,” he added.
To increase business from other parts of the world, the Dubai—based company is opening up offices in more number of countries, looking at tie—ups with other money transfer operators and launching new channels to transfer money.
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