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NOIDA, India, July 21 10, 2022 (GLOBE NEWSWIRE) — EbixCash Limited, a technology provider of digital products and services in B2C, B2B and FinTech, today announced the appointment of the entire network of Jammu & Kashmir Bank covering 1,000 branches as a sub-agent, to facilitate international money transfer services for its Ria money transfer business. The money transfer feature will go live on August 15, 2022, coinciding with India’s 75th Independence Day celebrations on that day.
Ria Money Transfer from Euronet Worldwide, Inc. is now the second largest consumer money transfer company in the world. EbixCash – a subsidiary of Ebix, Inc. (NASDAQ: EBIX) is a leader in international remittances in India, based on gross transaction value. J&K Bank is the largest operational bank in Kashmir, Jammu and Ladakh regions with 851 branches located in Jammu, Kashmir and Ladakh regions.
The agreement between J&K Bank and EbixCash was signed yesterday at an official ceremony in Srinagar, Kashmir to mark the occasion. Syed Rais Maqbool, Managing Director – J&K Bank and TC Guruprasad, Director – EbixCash and Dr. Emil Ruban, Managing Director and Country Director of Ria Financial – India were present at the ceremony.
TC Guruprasad, General Manager of EbixCash’s Payment Solutions Division. “This combination is strategically important for us as it enhances our reach and growth opportunities in the Jammu, Kashmir and Ladakh region. J&K Bank holds a unique and dominant position in Jammu and Kashmir, due to its strong market presence and its status as the exclusive agent appointed by the Reserve Bank of India to carry out banking activities for the government of Jammu- and Kashmir and the public institutions of the State and departments.”
Managing Director of J&K Bank, Syed Rais Maqbool said, “This combination of J&K Bank – a dominant strategic player in the region – with a leading market player like EbixCash, will go a long way in helping non-resident Indians d J&K origin – specifically based in the Gulf countries, USA, Europe and Canada; to send funds to their loved ones in J&K and Ladakh region.
EbixCash is a subsidiary of Ebix, Inc. (NASDAQ: EBIX), with a leading position in the key businesses in which it operates, with a “phygital” strategy that combines more than 650,000 physical agent distribution points with across India and Southeast Asia as of December 31. , 2021; with an omnichannel online digital platform that offers its products and services encompassing domestic and international money transfers, foreign exchange (Forex), prepaid gift cards, utility payments, travel services and technologies in insurance, bus information systems, lending and wealth management in more than 75 countries.
About Euronet Money Transfer Segment
Euronet Worldwide, Inc. (NASDAQ: EEFT) The money transfer segment consists of three main products: Ria, Xe and Dandelion. Ria is the second largest consumer money transfer company in the world, offering real-time international money transfers with a particular focus on emerging markets. Xe is the trusted currency authority, with hundreds of millions of web and app users worldwide, delivering currency information and money transfer services to consumers and businesses on the cutting edge of industry. Dandelion, the world’s largest real-time cross-border payments network, powers Xe and Ria; it offers consumer and business transaction processing and fulfillment in 170 countries and territories with alternative payment channels like bank accounts, cash pickup and mobile wallets. Beyond Euronet’s own services, Dandelion also manages cross-border payments for third-party banks, fintechs and major technology platforms. For more information, please visit the company’s website at https://www.euronetworldwide.com/segments/moneytransfers
About EbixCash
With a “Phygital” strategy that combines over 650,000 physical agent distribution outlets across India and Southeast Asia as of December 31, 2021, with an omnichannel online digital platform, the portfolio of The company’s financial exchange software and services encompass domestic and international money transfers. , foreign exchange (Forex), prepaid gift cards, utility payments, travel services and technology for insurance, bus information systems, loans and wealth management in over 75 countries including India . EbixCash has Forex operations in around 16 international airports including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata. EbixCash is a leader in the international remittance industry based on gross transaction value. EbixCash, through its travel portfolio (Via.com and EbixCash.com), is a leading India-based travel exchange serving the Southeast Asian markets, with over 517,000 agents and about 17,900 registered companies nts. EbixCash’s fintech business provides software solutions to various clients in the areas of wealth, asset and credit management, insurance and bus information systems. EbixCash’s business process outsourcing services provide information technology and call center services to a variety of industries. For more information, visit the Company’s website at www.ebixcash.com
Disclaimer:
EbixCash Limited proposes, subject to obtaining required approvals, market conditions and other considerations, to make an initial public offering of its shares and has filed a draft diversion prospectus (“DRHP”) with the Securities and Exchange Board of India. The DRHP is available on the SEBI website at www.sebi.gov.in as well as on the websites of the lead managers, Motilal Oswal Investment Advisors Limited at www.motilaloswalgroup.com, Equirus Capital Private Limited at www. equirus.com, ICICI Securities Limited at www.icicisecurities.com, SBI Capital Markets Limited at www.sbicaps.com and YES Securities (India) Limited at www.yesinvest.in, respectively, and the websites of the stock exchange(s) at www.bseindia.com and www.nseindia.com, respectively. Investors should note that investing in Shares involves a high degree of risk and for details relating to this risk, see “Risk Factors” of the RHP, where available. Potential investors should not rely on the DRHP for any investment decision.
About Ebix, Inc.
With approximately 200 offices on 6 continents, Ebix, Inc., (NASDAQ: EBIX) strives to provide on-demand software and e-commerce services to the insurance, financial services, travel, health and e-learning. Within the insurance industry, Ebix’s primary focus is to develop and deploy a wide variety of on-demand insurance and reinsurance exchanges, while providing Software-as-a-service enterprise solutions. -Service (“SaaS”) in the field of CRM, front-end and back-end systems, outsourced administration and risk compliance services, worldwide.
Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and advice to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com
CONTACT:
Satish Saprou
+91 99990 13426 or satish.sapru@Ebix.com
