FIA Global, a leading fintech company in digital payment and distribution systems for the last-mile financial inclusion in India and Nepal, today announced its strategic alliance with IME Forex India Pvt Ltd. The focus of the partnership is to facilitate Indo-Nepal remittance services.
The partnership will allow FIA Global to serve IME and Nepalese customers working in India who send money to their family in Nepal. For this, FIA Global will be leveraging its 26K inclusion centres spread across India. Nepalese are a large diasporic community in India and sending money home digitally was a challenge. To bring these customers under one roof, IME Forex India Pvt Ltd was formed by IME, one of the class A commercial bank in Nepal. IME is a household name in Nepal and will add value to the Nepalese diaspora employed in India.
IME Forex India Pvt. Ltd., will integrate with FIA’s AI-based platform FINVESTA, enabling FIA agents to proceed with Indo-Nepal transactions. With the transaction being done in minutes, the beneficiary will be able to collect money at Nepal through IME’s extensive network of branches or cash-out agents. In addition to this, customers have the option of account transfer to most of the banks in Nepal.
Rahul Yajnik, Head New Products & Alliances, FIA Global, said, “FIA’s extensive distribution reach in localities where Nepalese migrants live, and work will enable us to reach a larger base of unbanked people. IME has one of the largest agent networks in Nepal. Nepalese migrants can ride on the combined power of both these networks to quickly remit money back home.”
“Partnering with FIA Global will allow us to leverage a wide network that FIA has and will help the Nepalese Diaspora to have access to the Network to send money back to their loved ones for family maintenance. We will accelerate digital transformation by incorporating advanced technology to maximize business efficiency and satisfy of our customers need in partnering with FIA which will facilitate Indo-Nepal Remittance Services”, said Mr. Goutam Naithani, Director of IME FOREX INDIA PVT LTD.
