Two brothers of Bangladesh origin have broken new ground by setting up the first money transfer enterprise between Wales and Bangladesh, reports UNB.
There has been a rise in Wales' Bangladeshi population over the years, resulting in a steady demand to transfer money to Bangladesh, a report of IANS said from London.
The brothers, Dilaboor Hussain and Kamal Ali, recently set up Instant Exchange, which has now become the first company outside London to be approved by a Bangladeshi bank to handle cash transfers between Britain and Bangladesh.
Working in a partnership with HSBC Bank, the Cardiff-based firm has launched a fast-track transfer service via Bangladesh's International Finance Investment and Commerce (IFIC) Bank Limited.
They expect to achieve a turnover of 3.5 million pounds in their first year and to claim a growing share of the 20 million pounds sent by Britain's Bangladeshi community to their home country each year.
Instant Exchange, currently employing five people, is the latest business services firm to be established by entrepreneurs from Wales' ethnic minority communities.
Jane Hutt, Welsh assembly government minister for busi ness and ethnic minorities, praised the increasing contribution of ethnic minority business people to the economy of Wales.
At a function in Cardiff, she said: "Entrepreneurs from ethnic backgrounds have created more than 1,400 jobs in the 400-plus new businesses that have been helped by the government-backed Ethnic Business Support Programme."
Saleem Kidwai, chief executive of Ethnic Business Support Programme, said: "Recent national research showed that ethnic minority entrepreneurs tend to be more highly qualified than the average business people and as a result they are setting up more high value-added businesses that will ultimately create better quality jobs in Wales."
"Instant Exchange has identified a niche market which provides a huge opportunity. We expect to see others following suit," he said.