Xpress Money Steps into Brazil with Confidence Corretora Partnership

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DUBAI, UAE, December 12, 2017 /PRNewswire/ --

In line with its focus to increase its network in Latin America, Xpress Money, one of the most dependable money transfer brands in the world has partnered with Confidence Corretora De Câmbio S.A., a renowned company in Brazil that offers various solutions for individuals to buy foreign currency, exchange international checks, pay bills abroad, and send and receive money from abroad.  With this partnership, Xpress Money now has a strong network of over 50,000 locations in LATAM.

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Remittance inflows to Latin America and the Caribbean (LAC) was $73 billion in 2016, an increase of an estimated 6.9 percent as compared to the previous year (Source: World Bank). This shows the huge remittance growth potential that the region has to offer to brands looking to strengthen their presence in the region.

Xpress Money is one of the fastest growing money transfer brands in the world with a thriving presence in every continent. The company has transformed and fast multiplied its global network of partners and strategic alliances, that include renowned international money transfer operators (IMTOs), banking as well as non-banking institutions, telcos and online remittance players. Amongst the IMTOs, Xpress Money currently has one of the strongest networks with 200,000 agent locations worldwide. Xpress Money is committed to providing convenient payment solutions such as Cash Payouts, Account Credits, Cardless Payouts through ATMs, Credits to Remit Cards & Mobile Wallets and Door Delivery Services to support the growing expatriate community across the world.

Talking about the partnership and foray into Brazil, Xpress Money COO, Sudhesh Giriyan said, "Our partnership with Confidence Câmbio is part of our strategic framework to aggressively expand our footprint in LATAM. Brazil is an important market from a remittance perspective as it not only sends out large volumes of money, but is also a big recipient of money coming into the country. Brazil is amongst the top 10 countries for inward remittances in LATAM that received $2.7 billion in 2016. Brazilians continue to migrate abroad for a better livelihood and in turn send money home in the form of remittances. Customers will now have more convenient options to send and receive money securely. We are excited that our partner here shares the same vision of providing convenient and affordable money transfer services to customers in the country".

"The remittances segment has huge potential in Brazil and being able to provide one more important solution through Xpress Money is a competitive advance, for sure. As a result, we have expanded and strengthened our remittance portfolio while ensuring more options to our customers to choose the best service according to their needs - always focusing on agility and security - essential factors for success in this segment, once they represent the real needs and expectations of different types of customers. Undoubtedly, we are more competitive due to the entrance of Xpress Money into our portfolio of products and services", said Stephane Kaloudoff, Confidence Group CEO.

SOURCE Xpress Money Services Ltd.