Dubai, UAE, 5^th January 2003

Instant Cash FZ LLC, incorporated in the Dubai Internet City, one of the region’s premier web-based service providers of remittance solutions, today announced the signing up to Comtrust’s dedicated eHosting solutions. Instant Cash FZ LLC, the Web based remittance service providers, will host its Wall Street Instant Cash electronic money transfer system at the Etisalat Data Center in Dubai. Comtrust, the e-solutions business unit of Etisalat confirmed that Instant Cash have signed up with them for providing e-Hosting services and 24x7 technical support.

Ahmad Abdul Karim Julfar, General Manager Comtrust commented, “The Internet’s capability to conduct business transactions in real-time means it is the perfect channel for fast and reliable money transfer services. Instant Cash FZ LLC not only realizes the potential of the Web within its own market sector, but understand the benefits it can bring to supplementing company resources and internal staff skills. By utilizing Comtrust’s dedicated Internet hosting services, Instant Cash FZ LLC will outsource hosting of its electronic money transfer application (Instant Cash) at our Data Center. Here, the service will be managed and supported by skilled, knowledgeable technical staff in a safe and reliable environment. In doing so, Instant Cash FZ LLC will reduce operational costs and overheads associated with running and upgrading internal IT departments.”

Wall Street Instant Cash is a state-of-the-art electronic money transfer system, which has been developed for the instantaneous transfer of money across the globe. Designed to increase the speed in which monies can be transferred and customer remittances paid, the system is secured with the latest encryption technologies, to ensure that the transactions are done in a safe and reliable environment.

Praveen Chandiramani, Head of Instant Cash FZ LLC and Instant Cash Global said of the deal, “The rate at which money is transferred across the globe is increasing on a month by month basis, particularly from this region to countries in Asia, Far East and Europe. Our systems need to cope with vast numbers of transmissions on a given day, so it was important for us to identify a reliable and secure hosting partner with whom to do business.”

Pradip Kumar, Global Head of IT, Instant Cash commented,”Comtrust is the only major local player that we felt had the facilities and the technical expertise to support our IT operation, giving us the peace of mind to concentrate on other business-critical matters. It was also important to us, because of our own UAE roots, we partnered with a local company.