Reliance Money, part of the Reliance Anil Dhirubhai Ambani Group, today became the first and only Indian company to introduce mobile trading in both equities and commodities across all mobile platforms independent of device, operator and the underlying carrier technology.
The company today unveiled its 'Mobile Trading Portal', the first-of-its-kind portal offering equity and commodity trading services to its investors, across all telecom operators.
With this initiative, the company will now be tapping the approximately 347 million telecom user base in India, with its services.
The tie-up was announced by Mr. Sudip Bandyopadhyay, Director and CEO of Reliance Money along with Mr. Brett Nulf, Director Asia Pacific, Volantis; Mr. Anurag Mehrotra, Vice President - UBER Relationships, Wipro and Mr. Rudi Pecker, Country Manager, Religare Technova Global Solutions Ltd., the technical partners for this initiative, at a press conference here today.
"With this unique initiative, we aim to reach out to millions of telecom users - a sizable number of whom are either active and/ or potential investors - thus widening the scope of the market across the country. This service will provide the benefit and convenience of trading on the move to different market participants - both in equities and commodities, thereby enabling them to avoid missing out on opportunities," said Sudip Bandyopadhyay.
He further added, "Most importantly, keeping in line with our objective of continuously innovating and providing value-added services, Reliance Money customers can use this mobile portal for trading free of any additional charge, across networks and mobile technologies."
Any Reliance Money customer who has internet access through GPRS or CDMA enabled on his mobile phone can log in to the Reliance Money website using his existing user id and security token number and trade in equities and commodities. This platform works on over 6000 different mobile phones. Hence, one does not need a high-end, expensive mobile to use this service.
Volantis provides the platform used for creating device independent and operator independent mobile applications and includes comprehensive device database that is updated dynamically as new devices are released to the market. On the other hand while Wipro with its vast experience in the securities domain and large e-Mobility practice has provided the development expertise on the Volantis application and architected, designed & implemented the solution; Religare Technova has provided the support for integration of the Volantis application to the trading engine.
All the three technical partners have played a crucial role in the execution and roll-out of this pioneering service.
"India is the fastest growing mobile market in the world, and the mobile phone is the next battle ground for consumer mind share. Mobile banking is a growing market globally and Asia is at the centre of this innovation. It has become commonplace for financial services firms around the world to interact with their customers through mobile devices. These applications are demanding and demonstrate the reliability and versatility of the Volantis technology," said Mr. Nulf.
Mr. Mehrotra said, "We are happy to partner with Reliance Money to usher a new era in equity/ commodity trading whereby the application developed by us will empower the Indian consumers with choices not available before. We foresee this to be the beginning of a growing trend in virtual trading and we are certain that Wipro's proven mettle in developing cutting edge applications will fuel this growth."
"Mobile Trading is a concept that shall soon take the country by storm. We at Religare Technova, are proud to be a part of the team that initiated this revolution. Our skilled support team, backed by domain expertise and a scalable product range, worked closely with the other partners to ensure the success of this project. We are sure that Reliance Money's pioneering effort is leading through cutting edge technology and timely innovation will ensure its long term success," said Mr. Pecker.
Reliance Money is the first company to provide investors a mobile portal for trading. The backend technology ensures that the user will have a great experience, irrespective of the number of mobile users trading via this portal at any given point in time.
About Reliance Money
www.reliancemoney.com
About Volantis
www.volantis.com
About Religare Technova
www.religaretechnova.com
About Wipro Infotech
Wipro Infotech, a division of the US$4.93 billion Wipro Limited, provides enterprise customers with high value Information Technology Products, Software Services, Solutions and Consulting Services in India and the Middle East. Headquartered at Bangalore, Wipro Infotech serves customers in India through a network of 22 offices and 170 service locations across the country. It also has regional offices across the Middle East serving the region.
About Wipro Ltd
Wipro Limited (NYSE:WIT) provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, IT enabled services, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services Company globally. In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India offering system integration, network integration, software solutions and IT services. In the Asia Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro also has profitable presence in niche market segments of consumer products and lighting. Wipro's ADSs are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai, and the National Stock Exchange. For more information, please visit our websites at www.wipro.com, www.wiprocorporate.com, and www.wipro.in.
Wipro's forward looking and cautionary statements
Forward-looking and cautionary statements Certain statements in this release concerning our future growth prospects and our ability to successfully complete and integrate potential acquisitions are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding our ability to integrate and manage acquired IT professionals, our ability to integrate acquired assets in a cost effective and timely manner, fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, liability for damages on our service contracts, the success of the companies in which Wipro has made strategic investments, withdrawal of fiscal governmental incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. Wipro may, from time to time, make additional written and oral forward looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. Wipro does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.