Thomas Cook (India), the market leader in global transaction of foreign exchange solutions, has entered into a strategic partnership with Xpress Money, a service offering of the UAE Exchange & Financial Services. Thomas Cook India has been contracted as an agent across its network in over 72 cities for Xpress Money.
The new service provision will give Indian families the opportunity to receive money via a safe mode through Xpress Money, from any UAE Exchange & Financial Services branch in the UAE. The two power brands, Xpress Money and Thomas Cook India, in the foreign exchange space, share an immense network reach in their center of operations respectively – UAE & India.
Statistics estimate that Indians constitute 33 per cent of the total population and over 50 per cent of the work force in the UAE. Further, remittances from UAE stand close to $2 billion through normal banking channels annually into India every year. India was therefore a prime consideration for Xpress Money. Individuals working abroad needed a trustworthy and organised format of sending money back into their home country and Thomas Cook India has provided the perfect solution!
On achieving the service provision milestone, Madhavan Menon, managing director, Thomas Cook India said: "Our partnership with the UAE Exchange and Xpress Money ensures a reliable and trusted service provision to Indian citizens and global travellers in the UAE. Traditional Indian values require regular remittance to the smaller parts of the country. Our network in India touches over 72 cities making it a popular choice for all individuals. Moreover, as a travel company we are constantly attempting to enhance our service offerings to our customers. This is our first initiative for 2011 and we are hoping it will be any individuals' first choice."
In a briefing to the media, Y Sudhir Kumar Shetty, COO, Xpress Money, said: "Thomas Cook India is a prestigious partner for Xpress Money, and the new association would help both the brands to benefit from each other’s goodwill. Both the entities have grown into formidable forces in their respective fields, and we are sure that this would immensely benefit Xpress Money customers by improving their choice for fund payout. Indians form the biggest diaspora, spread extensively across the world, making the country the top recipient of remittances in the world. This association, which is in line with Xpress Money’s global mission to further improve upon the value proposition by associating with partners who can bring in sustainable benefits to its customers, would thus benefit the Indian disapora significantly."