(MENAFN- ProactiveInvestors)
Limited () has signed a Memorandum of Understanding with American based partners to form a joint venture to facilitate the distribution and roll out of its remittance product AirPocket in Latin America and the Caribbean.
AirPocket enables cash to be transmitted anywhere in the world through a peer-to-peer model with no institutional intermediary involved.
It will be provided to the joint venture under a license with all intellectual property remaining within the company.
The U.S to Latin America remittance corridor is estimated as a US$84 billion market opportunity.
Its joint venture equity partners consist of respected US finance and banking industry identities Sanjay Santhanam Juan Carlos Barrera and William Witenberg with Jorge Nicolau taking a seat on the advisory board.
These bring significant business experience in the finance telecoms and remittance sectors and extensive local networks in the U.S Latin American and Caribbean markets.
will hold at least 75% in the joint venture while the partners will have up to a 25% equity interest on mutually agreed performance criteria.
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