The Muthoot Group announced their partnership with Wiki Technologies, Inc. of USA to open an US-India payment corridor by leveraging the power of the WikiPay platform. Under the partnership The Muthoot Group will initially market the WikiPay platform to its 22,000 employees and subsequently to its 6 million customers in India. Through the platform people residing in the US can use the WikiPay online platform to send payments to friends and family to any bank account in India and more than 8,000 cash pick-up locations across India. Mr Ted DeFeudis, Co-founder and President, WikiTechnologies’ and Mr.K.R.Bijimon, CGM, The Muthoot Group announced the tie-up at an event here today.
The association with WikiTechnologies will expand The Muthoot Group’s reach in the US, while allowing WikiTechnologies to leverage the international money transfer license of The Muthoot Group’s wholly-owned subsidiary, Royal Exchange USA Inc, for transactions to India.
Speaking at the event, K.R.Bijimon, CGM, The Muthoot Group said, “We at The Muthoot Group are very happy to announcethe agreement for an exclusive tie up with WikiTechnologies. It’s a win-win partnership for both the organizations and will boost our existing business in India and our expansion plans abroad.”
While offering his felicitation during the event Mr Jose Skaria AGM, International Banking Division, Federal Bank stated “In association with M/s. Royal Exchange, USA (a Muthoot Group enterprise) Federal Bank has been providing fast and low cost Rupee Remittance facility to Non Resident Indians in USA for the past few months. We are happy that M/s. Royal Exchange has made arrangements to go for big publicity about this facility now being offered from all over USA. We are glad to know that M/s. Royal Exchange is now offering 5 free remittances to Federal Bank customers. We expect that large number of Federal Bank customers will utilize this opportunity.”
Adding to it, Ted DeFeudis, Co-founder and President, WikiTechnologies’, said, “This agreement is a very important step in the evolution of WikiTechnologies into a
company focused on serving the needs of enterprise level organizations. We’re very pleased that The MuthootGroup gave us this vote of confidence and are looking forward to a healthy and profitable relationship for years to come.”