Anil Ambani Group's financial services distribution arm Reliance Money on Saturday said it is looking for potential acquisition opportunities in the fast growing money changing and money transfer businesses.
The combined market size of money changing and money transfer is estimated at about $34 billion.
Unveiling a new identity here for its money changing and money transfer businesses, the company said it was aiming to double its market share in this segment over next few years.
"We are also looking at inorganic growth opportunities in these businesses for further expansion of these businesses," Reliance Money CEO Sudip Bandyopadhyay told here.
Anil Ambani Group had acquired Travelmate Services, a part of Kuoni Group, in November 2006, which has now become a wholly owned subsidiary of Reliance Capital. Travelmate has been in the Money Transfer Services (MTS) and Full-Fledged Money Changing (FFMC) business in the country since 1993.
The new brand identity for Travelmate Services, which would be now known as Reliance Money Express, was unveiled here by the Reliance Money CEO in the presence of the global MTS giant Western Union worldwide CEO Christina Gold.
Travelmate is already one of the largest Western Union partner in India and now it plans to aggressively expand its reach in non-metro and smaller cities, the company said.
Elaborating on the potential of the MTS business in India, Bandyopadhyay said "India is the largest recipient of global remittance of around $27 billion which is more than 10 per cent of the total global remittance inflow of $240 billion. This is continuously rising due to labour migration and increasing wages."
In addition, money changing market in India is worth $7 billion and is growing at an annual rate of 20 per cent.
Reliance Money Express is operating through a network of 3,400 outlets spread over 800 cities and towns across India and handling close to 100,000 transactions per month with a daily average inward remittance of 1.4 million dollars.
"We see immense potential in these businesses (FFMC) considering that availability of these services is very limited in the country," Bandyopadhyay added.
"Our business plan would be to compete aggressively with the existing established players in these two businesses and provide cost effective, convenient and secure transactions to our customers. We plan to double our existing market share and volumes by next few years, Reliance Money CEO said.
Reliance Money Express would also be forging alliances with various corporate houses and travel firms to take on the established players in this field, he added.
Earlier this week, Reliance Money tied up with New Delhi-based Stic Travel Group, one of the country's leading players in the travel and tourism business.
Under the tie-up, Reliance Money will sell its financial products, ranging from money transfer, foreign exchange, insurance and gold coins through Stic Travel outlets.
While announcing the partnership Stic Travel Chairman Subhash Goyal said, "We have been dealing with foreign players like Thomas Cook and American Express for services like money changing. But Reliance-ADAG came as a natural partner being an Indian MNC."
Reliance Money is planning to set up 10,000 web-enabled retail kiosks across the country, where the consumers would be able to execute their financial transactions.