The newly formed tie-up, to be known as `Tata Finance American Express' (TFL-Amex), is expected to begin its operations by the end of this year, an official of the travel company Sujit Mittra said. The signing up of two partnership agreements would help provide a range of money changing and foreign exchange services through a large number of co-branded outlets across the country.

The travel company has already entered into a joint venture with Keppel Tatlee Bank Ltd in Singapore, one of the Asian-Pacific countries, to provide foreign exchange and other travel-related services to passengers at Singapore Changi international airport. TFL-Amex will operate in both the retail and the wholesale segments and will provide services to its corporate and leisure travel customers. TFL and its affiliates will have 74 per cent of equity with American express having the remaining 26 per cent, the official said. According to Steven Flett, senior vice president of the American Express foreign exchange services, his company was delighted to parnter with TFL and Keppel Tatlee Bank. These alliances would enable them to enhance the distribution of their products in India and Singapore by extending their reach to more consumers than ever before.

"We are interested in expanding our business in more Asia-Pacific markets through partnerships with other quality providers of financial products and services in local markets," he said.

Keppel American Express foreign exchange services began operations in July this year through its nine bureaux located at Changi airport. The joint venture company is 51 per cent owned by Keppel Tatlee Bank and 49 per cent by American Express. A final shape is being given to the joint venture and the alliance will include dealing in foreign exchange services, money changing activities and sale of the company's traveller cheques, the official said.