BBX awaiting RBI nod to start international trading in India
Barter and exchange services provider BBX India is awaiting Reserve Bank of India's (RBI) approval to start international trading in the country, BBX CEO Michael Touma said.
"We have already filed an application with the RBI and are waiting for an approval, after which BBX India can start trading internationally," the top company official said here.
The approval is expected to come in the next six months, he said.
BBX is listed on the Australia Stock Exchange and facilitates cashless business transactions. It started India operations in November last year by opening an exchange in Delhi followed by a franchisee in Kanpur.
The company recently launched a franchisee in Mumbai and plans to open 150 francisees in the next four months across the country.
"We are right now focusing on India as it is growing rapidly in terms of economy and has huge potential," Touma said.
He further said barter system in India is known only at the corporate level.
"However, with our initiative of making the system sophisticated even for the small and medium scale enterprises the definition and benefits of barter in Indian businesses has changed, Touma added.
With operations in eight countries worldwide, the company plans to add Mexico, Kuwait, Singapore, Malaysia, Japan, Iran and Portugal in its business portfolio in the next two years.
"We also have plans to reopen our trading in China by next year. We started our business there in 2006 but had some issues with the government...we will soon relaunch our operation there," Touma said.
The company, which closed the last fiscal (July to June) with a revenue of ASD 200 million is aiming at a revenue of ASD 350 million during the current fiscal, he said.
The company has hospitality industry as its major trader, he said.
Besides, it has garment manufacturers, jewellery designers, media and other services sectors, including the IT industry as major members.
