A new platform for Mobile Money Transfers by REACH

Dubai, United Arab Emirates - Sunday, September 9th 2012 [ME NewsWire]

 Global Reach Portal Services (GRPS), a joint venture by Al FardanExchange, ITSC-Egypt, and SygmaFone announces the introduction of its new mobile money transfer platform under the brand name “REACH”. It offers an open network to Telecom Operators, Banks, Financial Institutions and other Retail outlets to provide Mobile Money Transfer and Payment Services. The platform will provide customers with a new, reliable channel to transfer money at relatively affordable rates effortlessly within minutes. The platform has been developed in association with SygmaFone and ITSC, specialized in enterprise software and services.
According to Osama Hamza Al Rahma, General Manager, Al Fardan Exchange, the remittances market has been witnessing steady growth; the evolution of Mobile Money provides a reliable, cost-effective channel to transfer money, especially to the strong expatriate community from the emerging markets such as India, Philippines etc. in the GCC region. He added that “Al Fardan’s experience in the money transfers business, local network of outlets, and global correspondents’ network will guarantee a head start for REACH”
Rahim ElKishky, CEO & Partner, Global Reach & ITSC Egypt added: “Our first corridor will be between UAE and the Philippines via the extensive network of retail outlets and the subscriber base of G-Xchange, Inc. a wholly-owned subsidiary of Globe Telecom, which operates the GCASH. The service is available across 40 outlets of Al Fardan Exchange, the major partner of Global Reach, within one month. Going forward, REACH will enable customers to make money transfers using mobile devices. We will be adding several new corridors to the REACH network through our existing partners in Bangladesh, Pakistan, India, Syria, Sudan and Egypt in the next few months. “
About Al Fardan Exchange, UAE
Al Fardan Exchange, the pioneer in money exchange and worldwide remittance services in the U.A.E., was established in 1971. Al Fardan Exchange is part of the Al Fardan Group, which has diverse business interests shaped over more than a century of visionary entrepreneurship and is currently presided over by Mr. Hassan Al Fardan, Chairman, Al Fardan Group. Al Fardan Exchange has an extensive network of correspondent banks all over the world to facilitate faster, completely reliable transactions at most competitive rates.
About Information Technology & Service Co. (ITSC), Egypt
ITSC, established in 1999, is a leader in IT services with unmatched experience in money transfers and electronic document exchange cycle. ITSC handles over 700,000 money transfer transactions monthly with LE 840+ million in value through more than 2,100 Post office outlets in Egypt. In addition, ITSC is also a leading company in e-government services with clients like Egyptian Tax Authority and Egyptian Customs Authority.
About SygmaFone, UK
SygmaFone is a Retail telecommunications company focused on providing international and domestic voice, data and MS services, technologies, platforms and full networks operations. The company is based in UK and BVI, and targeting businesses in the Middle East, Europe, Africa and South Asia. SygmaFone’s diversified portfolio of voice, data, and wireless services, backed by integrity and expertise ensure operational optimization and revenue maximization.
For more information contact:
Business Development Unit
info@grps.mobi

---

Contacts

Zameer A. Punjabi
Senior Manager
Marketing and Business Development
Al Fardan Exchange
0097150-351-0833
Email: zameer@alfardanexchange.com