Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Network International to buy majority stake in TimesofMoney

Dubai-based payments processor Network International has inked a partnership agreement with Times Internet to purchase a majority stake in TimesofMoney, for an undisclosed sum.

TimesofMoney is an online remittance and digital payments company based in India, which provides cross-border remittances and domestic payments services.

TimesofMoney was 100% owned by Times Internet, a wholly owned subsidiary of Bennett, Coleman & Co.

On completion of the transaction, the acquirer will be able to launch an online remittance service on the GCC-India corridor, and introduce various value-added remittances and retail-based services.

It will also expand the firm’s product offering and geographic coverage, while offering the firm with a very robust presence in the global money transfer sector and in the payment services arena in India.

The money transfer sector in India is estimated at $64bn annually, value of the GCC-India remittance corridor is at $25bn per year, while the cross border remittance market is nearly $415bn globally, according to Network.

Network International received advice from FT Advisors, AZB & Partners, and Deloitte for the transaction, while Nishith Desai Associates, UBS, and Pricewaterhouse Coopers served Times Internet.