CHICAGO: With many firsts under its belt Moneydart-UAE Exchange is set to add a couple of more laurels to its growing list of achievements. Plans are afoot for a full fledged banking facility in India and expanding its global network into Latin American and Caribbean countries in a big way in the course of next two years.
Gopakumar Bhargvan, Chief Marketing Officer, told India Post that his company is short listed with a few others for starting full fledged banking operations in India and stands a good chance getting the government approval in the near future because of its excellent track record in money transfer business. The company already has heavy presence in India with 860 facilities offering money transfer services even to remote areas accounting for a large chunk of its global business.
“We stand a good chance of getting Indian government approval and this would be for the first time that my company would branch out as a full fledged bank in any part of the world.
In fact, UAE will be the first agency of its type to enter into banking operations anywhere in the world. And we will live up to the expectations and confidence reposed in us,” he said with great assurance.
In another big push for global presence, UAE plans the Latin American – Mexico and Brazil – and Caribbean countries in a big way in the course of the next two years. Added to this will be its fresh push for African markets too, Bhargavan said. It already operates in 32 countries across the world and has more than covered half the number of States in United States.
Prabhakar Patel, Asst. Vice President, Head of Project America, said “the company has licenses to operate in three States but between 2012 and now it has acquired 25 licenses taking the tally to 28 licenses and by the end of 2014 Monyedart will be licensed in all 50 States in USA to offer Money Transfer Services.”
He said that Moneydart has two facilities in Chicagoland – one on Devon Ave and the other in northwest Chicago suburb Hoffman Estate. Both are highly patronized by the locals as they meet the “needs of the community. Patel pointed out that they would shortly be having facilities in Michigan and Texas.
Gopakumar Bhargvan was in Chicago recently and had an extensive exclusive interview with India Post at Moneydart office on Devon Avenue. He said that his company has many firsts and is one of the highly sought after services in Pre Paid multi currency cards. “We offer Pre Paid cards in six currencies to travelers going abroad that have exchange rates fixed at the time of issue and would remain the same till expiration.
The holders would have the unused balance refunded in no time. “We have tie up with Mastercard and this itself is a big assurance to the holder. In many ways this has eased problems that tourists face and hence, is highly popular with them,” he said.
Yet another great service that UAE-Money Dart provides relates to Flash Remit to India. “We have tied up with six banks in India – Axis, ICIC, Federal Punjab National and SBI. The fund remitted bank to bank money because of this facility reaches customer-recipients in less than two minutes, which otherwise might take 24 to 48 hours,” Bhargavan said. UAE has door-to-door delivery too but it might take a longer time.
Bhargvan said that his company offers most competitive exchange rates that normally work in favor of the customers. And quote-wise too the fees are most reasonable. “On line transfer costs $5 only for any amount but the remittance should be from bank to bank account,” he said. Prabhakar Patel clarified that if there is a relatively huge amount from person to person, even if it is a bank transfer, the company might ask for some documents that would ensure that no money laundering is involved. The cash transfer thru any facility is limited to maximum of $5000, he said
UAE has a recent entry in the money transfer business established in Abu Dhabi 32 years ago. But it has blossomed to be the third most sought after agency in this line reflecting its burgeoning customer base and customer confidence.
Sumit Parbhakar, a UAE official, said that his company is also aggressively involved in community give back program and cited examples of its help to victims of natural disasters like tsunami, earthquake etc. It also helps social causes and funds cultural events whenever it can.
Holding a Masters in Business Administration (Marketing) degree, Gopakumar Bhargvan has marketing experience of over 25 years. He is the CMO of UAE Exchange, a leading global remittance and foreign exchange brand, with operations spanning over 30 countries across five continents with over 700 direct offices.
He leads the Integrated Marketing and Business Development initiatives aimed at optimizing market presence and accessibility of the brand, worldwide.
Known for his strong marketing and analytical skills, Gopakumar drives efforts of the organization, globally, including retail and corporate marketing, business development, strategic alliances, brand strategy, brand management, product positioning, marketing promotions, corporate communications, marketing research and marketing strategy.
Ramesh Soparawala
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