Travelex eyes global R&D hub in India

Travelex, the world's largest foreign exchange dealer, has decided to make India its global hub for research and development (R&D). India is also set to be the company's Asian hub for financial services business.

Travelex has just announced its entry into the country. The company has already put in place its research and IT development centre at Mumbai and is currently in the process of recruiting.

Yogesh Shetty, group director"" commercial foreign exchange and managing director-India, said, "We found a huge gap in the south Asian and middle East market in terms of operational presence. Our foray into India is not from the point of view of having a presence but to establish a strong toe-hold in Asia. India will be the hub for our financial services business in Asia."

The company expects to clock a turnover of around Rs 2,000 crore ($400 million) in its first year of operation. The Rs 12,000 crore Indian market, according to Shetty is growing at 10 per cent.