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Network International buys majority stake in TimesofMoney

Monday 26 November 2012 09:37 CET | News

UAE-based payments processor Network International has acquired a majority stake in TimesofMoney, an Indian e-payments service provider, which was previously owned by the Times Group, an Indian media conglomerate.

TimesofMoney`s offerings include specialized NRI services, India money transfers, global money transfers, e-payments and co-branded cards. The company processes more than USD 1 billion of transactions a year.

Network International is 51 percent owned by Emirates NBD, a UAE-based financial institution. The remaining 49 percent is owned by Abraaj Capital, a private equity firm based in Dubai.
 


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Keywords: Network International, TimesofMoney, online payments, online remittance
Categories: Payments & Commerce
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Countries: World
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