Extends its presence in the Gulf state to 84 agent locations
Kuwait, 13 March, 2013: - Xpress Money, the world' most dependable money transfer brands, today announced a strategic partnership with Bahrain Exchange Company WLL (BEC), one of the most reputed and leading remittance and money exchange players in Kuwait, as part of its regional expansion plans.
In a statement, Xpress Money said that the new partnership will add 29 more agent locations in Kuwait, joining the existing 55, bringing more convenience to its customers.
Mr. Pushpak Damania - Regional Vice President, Business Development for MENA AFPAK, Xpress Money said: "The partnership is yet another step from Xpress Money in expanding our reach in the GCC and Arab markets; remittances from this region have shown significant growth in recent times and hence we are concentrating our efforts on a phased growth plan. Kuwait with two-thirds of its population comprising expatriates is an important market to us and is one of the leading sources of remittance in the GCC to both South Asian and Arab economies."
He said the partnership with BEC a key player with a track record of over 20 years in the remittance and money exchange market will help Xpress Money strengthen its presence in Kuwait.
"GCC is a key economic zone in the global remittance market and Kuwait with its strong economic fundamentals is home to a large number of expatriates - over 68 per cent of its population - contributing a salient share to the ME remittance industry," he added.
BEC is one of the largest wholesalers of foreign currency in Kuwait and with its competitive rates is acknowledged as one of the leaders in buying and selling foreign currency in retail and
wholesale market. Over the years, the company has consistently grown its size and operations and has a global presence across Asia, Europe and the Middle East.
"BEC has a pioneering presence in the Kuwait remittance market and we have grown consistently with the needs of the customer, in increasing global reach as well as in offering cutting-edge services. Our partnership with Xpress Money is yet another milestone in our growth. Innovation has remained a key platform for both BEC and Xpress Money and we are confident that together we will continue to offer the Kuwait market more value-added services," said Titus E D, Director & General Manager, BEC.
Xpress Money has pioneered new standards in money transfer services since its establishment in 1999. It offers a bouquet of services to address varied customer demands in both evolved and evolving remittance markets in 'cash to cash', 'cash to bank account', cash to mobile', 'online money transfer' and now, even 'cash to card' segments. Xpress Money constantly innovates to bring homes closer for the growing expatriate community across the world.
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About Xpress Money:
Xpress Money is a global money transfer brand with a thriving presence in more than 150 countries in 5 continents across 170,000 agent locations across the world. Working towards the goal of Bringing Home Closer to millions of migrants residing away from their homes, Xpress Money has come to be known as the most dependable international money transfer brand. Xpress Money provides its customers a simple, fast & safe way to transfer money anywhere in the world through innovative technology, superior customer service and its extensive worldwide network. For more information, visit www.xpressmoney.com
About Bahrain Exchange Company WLL
BEC was established in 1992 under the local sponsorship of Mr. Ahmed Yousuf Behbehani. With over 20 years of experience, BEC has transformed the remittance and money exchange market in Kuwait by offering its customers innovative and reliable money transfer services. These services include, Drafts, Telex and SWIFT Transfers, as well as, many different foreign currency exchange solutions. BEC also offers its customer an online money transfer service called BEC Online., BEC is owned by Bank Al Khair and group has presence in Asia, Europe and the Middle East.
© Press Release 2013
