Reliance Money goes to China
28 May 2008
Mumbai: Anil Dhirubhai Ambani Group (ADAG) group company Reliance Money has announced that it is taking its business overseas into Hong Kong and China, with the launch of a bouquet of financial services for retail investors the two markets.
Reliance Money has tied up with a local brokerage firm, Goldride Securities, and in launching its operations in China, has become the first Indian broking and financial product distribution company in the region.
Reliance Money plans to tap the large base of people of Indian origin (PIOs) and non resident Indians living in Hong Kong and China, and allow them to invest and participate in ''India's growth story'', according to Reliance Money director and CEO, Sudip Bandyopadhyay who was speaking in Hong Kong.
Reliance Money will launch its broking and portfolio management services initially, and also offer a mobile portal that would enable users to get real-time access to market information on their mobile phones, for free. The threshold level for the company's portfolio management services in Hong Kong would be at $50,000 (US dollars), which Bandyopadhyay said would enable a number of investors to opt for its services, by lowering the cost of entry. who have not been able to use these services because of high cost of entry,
Over the next five year term, Reliance Money plans to generate half of its revenues from overseas markets. Its launch in China marks the first of its destinations for global expansion, and it aims to establish itself in around six locations by the end of 2008-09. According to Bandyopadhyay, Hong Kong will serve as the base of operations in East Asia, while other locations include London as well as some countries neighbouring India. Reliance Money intends to expand its relationship with Goldride Securities to other countries such as Philippines and Kazakhstan.
Reliance Money is present in the Middle East in the United Arab Emirates, and Oman, and has a presence in Singapore as well.
