Reliance Money eyes global expansion

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New Delhi, April 7: : Seeking to complement its domestic target of doubling its presence to 20,000 outlets this year, Anil Ambani group's Reliance Money has drawn out an aggressive expansion plan for the overseas market to set shop in about half a dozen locations by the end the current fiscal.

"We will be setting up offices in six-seven strategic locations around the world in 2008-09," Reliance Money CEO Sudip Bandyopadhyay said.

The brokerage and financial products distribution firm, which is part of ADAG's Reliance Capital, has identified locations like Kuwait, Bahrain and Doha in the Middle East, while it is looking at Singapore and Hong Kong in South Asia, according to Bandyopadhyay.

The London office would come up in the next six months while the Middle East branches are expected to be functional during the first quarter.

The company is in the process of seeking regulatory approval for its Singapore office, while Hong Kong might come up in the later part of the year.

Currently, the company has a branch in the Dubai and is in the process of opening an outlet in Muscat. The office in Oman's capital would come up during this month or early next month, Reliance Money CEO said. We have shortlisted three-four places for setting up the branch in Muscat," he said.

The company is eyeing a strong customer base of over one lakh in the Gulf region, which is home to about 20 million NRIs and resident Indians.

Last week, Reliance Money joined hands with Canada's Recognia, a leading provider of technical charts for stocks, that would allow its customers to know if previous patterns indicate a future rise or fall in share prices.

"Technical analysis, till date, is a privilege available to institutions and HNIs and the Indian retail investors have been deprived of these tools so far," Bandyopadhyay said.

The addition of Recognia's sophisticated automated technical analysis as an add-on feature on the platform will provide automated simplified analysis that will inform the customer about shift in trends of different stocks in the markets at one rupee per day, he said.

The value-added feature would provide additional revenue stream for the company and it expects about 10-20 per cent of its two million customers to use this facility.

Reliance Money recently crossed two million-customer mark within a year of launching its commercial operations on April 11 last year. The company says that it is the fastest two million customer acquisition in the industry.