TimesofMoney looks to double market share this fiscal

Says they are hopeful of growing their market share in the forex remittances space to 30% this financial year

Times Group promoted remittances firm TimesofMoney is eyeing doubling market share to 30 per cent in the current fiscal as it expands its business to Australia and China.

"We are hopeful of growing our market share in the forex remittances space to 30 per cent this financial year as we increase our focus to Australia and China.

We have already launched a special product for Down Under, an instant transfer facility under flagship brand Remit2India, while the China product will be launched shortly," company's chief executive Avijit Nanda told PTI.

At present, it has special products for Bangladesh, the Philippines, Sri Lanka and Nepal while it serves 40 countries mostly North America, Europe and the Middle East.

The Times Group had sold 70 per cent stake in TimesofMoney to the UAE-based Network International two years ago.

The Indo-Australian remittances market is around USD 2 billion and the company claims to enjoy around 40 per cent of this.

With over two lakh expats, Australia is among the top 15 markets for the country in terms of remittances origin.

It can be noted that last year too, India topped the chart in the space with USD 70.8 billion being pumped into the country by expats.

When asked whether he expects a major jump in the overall remittances to the country this year, Nanda answered in the negative citing the already large base of USD 71 billion.