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It gives me great pleasure to welcome all shareholders at the 31st Annual General Meeting of your Company. We are in a transformational journey at Wall Street with an objective to enhance value for all our stakeholders.
As you are aware, the Company has successfully divested its entire stake of Goldman Securities Private Limited (GSPL) to EBIX Software India Private Limited (EBIX) and unlocked value of MTSS business for a consideration of RS. 47.33 Crores in the month of October, 2017. We had also declared an interim dividend of RS. 4.25 per equity share on 3rd November, 2017.
Following the sale of MTSS business, the Company is exclusively focused on developing its foreign exchange business. The foreign exchange market is a vibrant and global. We estimate that approximately USD 20-25 bn worth of foreign exchange is transacted every year in India in support of inbound and outbound tourism, leisure and corporate travel. In addition, as per data published by the RBI, outward remittances from India grew from USD 8.17 bn in FY17 to USD 11.33 bn in FY18 driven by the growth in Indian students going overseas for education, package tour remittances and LRS flows for family maintenance and investment purposes.
Your Company’s strategy in the forex arena is to transform its business using technology and by taking advantage of the Digital India initiative by the Government of India. High speed connectivity, widespread availability of smart phones at affordable costs and the creation of the ‘India stack’ for identification, authentication and rapid payments have paved the way for people to easily access various financial products and services, including foreign exchange, through digital platforms.
As a symbol of its digital transformation, the Company has introduced a refreshed corporate logo (WSFx - Wall Street Forex) and new brand identity in line with the Company’s vision to become a leading fintech player in the forex and outward remittance space. The new brand identity reflects a modern and transparent look which identifies the Company’s vision to be a vibrant, next generation forex-tech Company.
The Company has identified two major segments, retail and corporate businesses, as key growth drivers for its forex business.
Your Company launched its digital corporate platform on 1st April, 2018, a comprehensive solution for corporates to manage their foreign exchange requirements for business travel. This is a unique end-to-end solution for corporate houses, from policy management to automation of entire forex ordering, execution, reconciliation, audit and MIS along-with end point integration with corporate ERP systems.
Your Company has also launched a digital agent platform, a comprehensive solution for agent partners to execute transaction in an efficient and seamless manner for the purchase of foreign exchange as well as to remit foreign exchange overseas for their customers. The portal will give real time status updates to the agents and the consumers on whose behalf the transaction is being processed.
Your Company is in the process of launching a consumer platform for end users to directly transact for their foreign exchange and outward remittance requirement and also developing a digital platform for the Wholesale business, where all the authorised dealers will have access to an online platform to deal with the Company for their forex requirements.
These digital platforms will bring in much needed trust, transparency and convenience to the consumer for their forex dealings and will strengthen the Company’s backend process, internal control systems and compliance.
Your company has also revamped its top management team and is now headed by N. Srikrishna, Whole Time Director & CEO, who has oveRs. 22 year’s experience in the Forex industry and brings expertise and deep understanding of the Forex business and has been instrumental in driving the digital transformation of the company.
Moving on to the financial performance, in spite of the challenges, competition and instability of rupee in foreign market during the FY 2017-18, the Company has made an operating profit of RS. 85.75 Lakhs.
We believe that with this digital corporate, agent, wholesale and consumer platforms and our investment in the right team, the company is moving in the right direction of creating an asset-light, scalable digital business well positioned to leverage the opportunities the industry offers.
I would like to thank our key management team and all employees, partners, customers, creditors, bankers, regulatory bodies, and especially our shareholders for their whole-hearted support and faith in our journey at Wall Street Finance Limited. We look forward to your continued support in our growth as we create long term value for all our stakeholders.
With best wishes,