Fable Launches Remittance Solution www.RemitGuru.com for NRI's

Mumbai, 28th December, 2012

Fable, South Asia's biggest eCommerce service provider, has launched www.RemitGuru.com , a personalized online remittance service specially created to meet the unique needs of the Indian diaspora living overseas.

India is the top remittance receiver in the world, with a robust US$ 70 billion in 2012 (as per a World Bank Report), a growth of 16% over last year, thereby topping the list of developing countries which have received a total of $406 billion in 2012. After India, China will stand second with $66 billion, followed by Mexico and the Philippines with $24 billion each.

Online remittances, increasingly being preferred by Non-resident Indians, are growing at an incredible rate of approximately 20% CAGR.

Speaking at the launch, Hershel Asmani, CEO of Fable Fintech Pvt. Ltd, which has launched RemitGuru.com said,”RemitGuru aims to satisfy the needs of Indians abroad by providing a superior technology platform, user-friendly service coupled with the Best conversion rate guarantee, thereby redefining the way remittances that are being done till now.

Vishwas Patel, Chairman of Fable Fintech Pvt. Ltd also said that “ RemitGuru.com aims to give the NRI's an excellent platform to not just send money home from their local country bank accounts to their family in India in a secure, speedy manner but also pay for goods, recharge and travel related services offered by thousands of web merchants using Fable's CCAvenue Payment gateway solution.

Amit Badiyani, Director Technology, Fable Fintech Pvt. Ltd also said that, “RemitGuru.com has the best technology platform and is extremely scalable. All our customer data is extremely secure and our systems and processes are compliant with the Payment Card Industry Data Security Standards 2.0 (www.pcisecuritystandards.org) from day one of its launch. We are now in the process on building mobile apps for the iOS, Android, Windows and the Black Berry platforms as the NRI audience are increasingly using their mobiles to send money to their loved ones in India.

About RemitGuru

RemitGuru understands that the ties that bind the NRI to his roots go deep and it truly appreciates the sentiment behind the act of remittance of money and gifts to the loved ones back home. Remitguru.com is a personalized online remittance service specially created to meet the unique needs of the Indian diaspora living overseas. RemitGuru redefines the way the NRI stays connected with his family by introducing new ideas and methods into the money transfer process.

About Fable

Fable (www.fablefintech.com) is South Asia's Biggest E-Commerce service provider which provides payment gateway services to thousands of web merchants across the world through its solution www.CCAvenue.com and other industry vertical specific solutions like www.ResAvenue.com (Hospitality); www.HotelsAvenue.com (Travel Agents) and www.EventAvenue.com (Event Management). It process more than 100 million transactions every year. It is a leading provider of internet payment processing solutions in South Asia supported by a wide network of financial institution partners, merchant partners and independent agents. Fable has been appointed as a ‘Member Service Provider' by MasterCard International and Visa in the Indian region. The Fable' Payment Gateway solution is the only Indian PG solution that has been certified by American Express for processing American Express and JCB cards directly through their Phoenix servers. Fable Payment Gateway solution provides India's largest neutral Debit Payments platform and is connected with the core banking solutions of more than 50 Indian banks. Serving thousands of India's web merchants, Fable powers electronic payments and solutions through proven technology and relentless ingenuity in application.