OIFC’s subsidiary money exchange commences operation

07/04/2015 07:11 AST

Oman Investment and Finance (OIFC) on Monday said that Wasel Exchange, its wholly owned subsidiary, started operations of its head office and first branch in Ghala.

OIFC last year said that the new company will have a capital base of OMR1.5 million.

The opening of an exchange is part of OIFC's larger strategy to diversify revenue streams, in an apparent move to bring down its current over-dependence on third party utility billing and collection business. OIFC is looking at business opportunities where the company has synergies and can take advantage on its nationwide network of branches.

OIFC's Wasel Exchange is the sixteenth money exchange firms in the country. The fifteen existing firms have more than 250 branches across the country, handling approximately OMR10 million remittances in a year. Of late, there has been a major focus on branch expansion by a few leading exchange houses to strengthen their market share.

The Sultanate's banking regulator stipulates that money exchanges with a remittance licence are required to have a minimum capital of OMR1 million, while the requirement is OMR100,000 for those exchange houses carrying out only money change business.


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