TimesofMoney plans personal fin supermall

TimesofMoney, a part of the Times Group, is planning to soon create a global financial supermall by providing a host of personal finance services such as retail broking, distribution of IPO forms and mutual funds, insurance products, payment of utility bills, credit card and personal loans.

TimesofMoney is planning to launch this new brand by the end of this year. For the distribution of mutual funds it has already signed up with 11 fund houses, including Birla Sun Life MF, Franklin Templeton, HDFC MF, HSBC, Prudential ICICI, Reliance Mutual Fund, SBI, UTI MF, Tata MF and Sundaram BNP Paribas MF.

When contacted Suresh Rangarajan, president of TimesofMoney said, "We want to give a one-stop solution for all personal finance needs to global Indian customers by offering wide neutral choice of products and services from the best in class providers. Simply put, we want to be a Wal-Mart in personal finance."

"The business model is based on being a distributor of financial services and the entire offering comes from the fact that there is a crying need by customers to get all these services under one roof," he added.

However, the distribution of IPOs and mutual funds is still in the beta stage.The services are provided both offline and online. The company has started to market this service to NRIs (Gulf, the biggest market, and Singapore) and to domestic Indians a couple of months back.

Sources said that the brand under which all this services would be provided was yet to be finalised. TimesofMoney's plans to enter the financial services space comes at a time when Reliance Capital, part of Anil Ambani's Group which recently launched Reliance Money, has similar mega plans.

Reliance Money also offer products in equities, derivatives, mutual funds, IPOs, insurance, offshore investments, money transfer, money changing and credit cards. Remit2india is the flagship brand of TimesofMoney. Its other brands include timesofmoney.com, remit2home.com, window2india.com, wallet365.com and direcpay.com