March 30, 2007
Updated 22:20:54 (Mla time)
MANILA, Philippines -- Times of India in partnership with Citigroup has opened its online remittance service to overseas Filipino workers or OFWs.
The Mumbai-based media conglomerate's remittance service is offered through remit2home.com and is available in more than 30 countries in partnership with Citigroup.
INQUIRER.net has also been chosen to be a channel partner in expanding the service to reach Filipino communities in different countries.
"What we are offering Filipino workers abroad is a secure and more economical way for them to send money," noted Akesh Rathke, managing director and regional head of Citigroup's global payment and financial institutions services.
Instead of physically depositing money in remittance centers, the service allows OFWs to transfer money electronically from their local bank accounts to accounts enrolled in affiliate banks in the Philippines.
Users can also opt to have the amount delivered door-to-door in the Philippines.
Suresh Rajarangan, president of Times of Money, a subsidiary of Times of India behind remit2home.com, said the company is expanding the service initially in the Philippines and later on to neighboring countries such as Thailand.
"What we have is a technology platform and an understanding of the global online remittance market," Rajarangan said during a video conference from Mumbai.
Annual remittance from OFWs is valued between $13 billion and $14 billion. According to Rajarangan, there are about 12 players competing in this market.
Times of Money will also introduce a service that would allow users to transfer money from their bank accounts using their mobile phones, he added.
Times of India is the oldest and largest media conglomerate in India. It publishes the daily newspaper Times of India and Economic Times, the second most widely circulated business paper next to the Wall Street Journal.
http://services.inquirer.net/express/07/03/31/html_output/xmlhtml/20070330-57931-xml.html
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