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26 May 2024

Reliance Money and Al Rostamani to offer financial services for NRIs

By Parag Deulgaonkar
Reliance Money, the broking arm of India-based Anil Ambani’s Reliance Capital, has tied up with Dubai-based Al Rostamani Group’s Dubai International Securities to offer financial services to non-resident Indians (NRIs) in the Mena region.

“We are looking to tap 20 million NRIs and Indians in the region, who have not been offering cost-effective, quality financial products so far,” said Sudip Bandyopadhyay, Chief Executive Officer, Reliance Money Limited.

Apart from introducing a mobile portal, that will allow users to get real-time access to market information on their phones, the company launched its portfolio management services, with a minimum ticket size of $50,000 (Dh183,500).

“We expect to manage more than $1.25b through the scheme in the first year,” Bandyopadhyay said.

There are over 1.2 million Indians in the UAE and about 10 per cent of this falling in the high-net worth individual bracket, said P Krishna Murthy, Chief Executive Officer, Financial Services Division of the Al Rostamani Group.

Reliance Money has more than 2,000 Indians, who regularly invest in overseas equity and commodity markets.

“Close to 2,000 of our customers regularly trade in overseas market. We have partnerships with two large companies in the United States for facilitating commodity trading and in the UK to facilitate trading in currencies and equities,” Bandyopadhyay told Emirates Business.
The firm is looking to expand into other markets such as Bahrain, Oman and Qatar in the next six to 12 months.