Leading Oman-based money-exchange house Asia Express Exchange, which has been quite aggressive in the last two years in terms of expanding its branch network, plans to open four more branches by the end of this year.
The exchange house, which provides a variety of services including remittances, opened its 15th branch in Barka, opposite Lulu Hypermarket, on Wednesday. H E Sheikh Majid Kahlifa Ali al Harthi, wali of Barka, inaugurated the branch.
The company recently opened a branch in Masirah.
Speaking to reporters on the sidelines of the opening ceremony, Adeeb Ahamed, managing director of Asia Express Exchange, said that company aims to have a network of 20 branches by the end of this year.
"We are trying to increase the base at which money is credited to India and other countries. We are planning to open four more branches under this year's expansion strategy.
"Our strategy is to move closer to customers rather than have customers seek us. Our vision is to be as close to customers as possible by opening branches at various locations in the sultanate."
"We have a variety of services not only for Asian customers but Western customers as well. At present we have tie-ups with around 56 banks worldwide, and if the need arises we will add more banks to our portfolio," Ahamed said.
He said that weakening Asian currencies, particularly the Indian rupee, have contributed to a 10-15 per cent increase in business this year. "Our base business has always been strong in terms of remittances to India and other countries, but there has been a surge in remittances due to the weak rupee," Ahamed added.
© Muscat Daily 2012
