Global Reach Portal Services (GRPS), a joint venture by Al FardanExchange, ITSC-Egypt, and SygmaFone, has launched its new mobile money transfer platform under the brand name REACH.

It offers an open network to telecom operators, banks, financial institutions and other retail outlets to provide mobile money transfer and payment services.

The platform will provide customers with a new, reliable channel to transfer money at relatively affordable rates effortlessly within minutes. The platform has been developed in association with SygmaFone and ITSC, specialized in enterprise software and services.

According to Osama Hamza Al Rahma, general manager, Al Fardan Exchange, the remittances market has been witnessing steady growth; the evolution of mobile money provides a reliable, cost-effective channel to transfer money, especially to the strong expatriate community from the emerging markets such as India, Philippines etc. in the GCC region.

“Al Fardan’s experience in the money transfers business, local network of outlets and global correspondents’ network will guarantee a head start for REACH,” Al Rahma added.

Rahim ElKishky, CEO and partner, Global Reach & ITSC Egypt said: “Our first corridor will be between UAE and the Philippines via the extensive network of retail outlets and the subscriber base of G-Xchange, a wholly-owned subsidiary of Globe Telecom, which operates the GCASH.”

“The service is available across 40 outlets of Al Fardan Exchange, the major partner of Global Reach, within one month. Going forward, REACH will enable customers to make money transfers using mobile devices.

“We will be adding several new corridors to the REACH network through our existing partners in Bangladesh, Pakistan, India, Syria, Sudan and Egypt in the next few months,” he added. – TradeArabia News Service