EbixCash and J&K Bank Sign Agreement to Facilitate Money Transfer Services Across the Bank’s 1,000 Branches
Noida, India – July 21, 2022 – EbixCash Limited, a technology enabled provider of digital products and services in the B2C, B2B and financial technology arena, today announced the appointment of Jammu & Kashmir Bank’s entire network spanning 1,000 branches as a sub-agent, to facilitate international remittance services for its Ria Money transfer business. The Money Transfer functionality will be going live on 15th of August, 2022 coinciding with India’s 75th Independence Day celebrations on that day
Euronet Worldwide, Inc.’s Ria Money Transfer is the second largest consumer remittance company in the world today. EbixCash - a subsidiary of Ebix, Inc. (NASDAQ: EBIX) is a leader in the international remittance business in India, based on gross transactional value. J&K Bank is the largest Bank operational in the 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 a formal function in Srinagar, Kashmir to mark the occasion. Syed Rais Maqbool, General Manager - J&K Bank and T.C. Guruprasad, Director - EbixCash and Dr. Emil Ruban, Ria Financial’s Managing Director & Country Manager – India, were present at the ceremony.
T C Guruprasad, Managing Director, EbixCash’s Payment Solution Division said. “This tie-up is strategically important to us, as it enhances our reach and growth opportunities in the Jammu, Kashmir and Ladakh region. J&K Bank occupies a unique and dominant position within Jammu and Kashmir, due to its strong market presence and status as exclusive agent designated by the Reserve Bank of India for carrying out banking business for the Government of Jammu and Kashmir and the state’s government owned institutions and departments.”
J&K Bank General Manager Syed Rais Maqbool said, “This tie up of J&K Bank – a dominant, strategic player in the region – with a premier market player like EbixCash, will go a long way in helping Non Resident Indians of J&K descent - specially based in Gulf countries, US, Europe and Canada; to send remittances to their loved ones in J&K and Ladakh region.”
EbixCash is a subsidiary of Ebix, Inc. (NASDAQ: EBIX), with a leadership position in key businesses that it operates in, with a “phygital” strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia as of December 31, 2021; with a Omni-channel online digital platform that offers its products and services encompassing domestic and international money remittance, foreign exchange (Forex), pre-paid gift cards, utility payments, travel services, and technologies across insurance, bus information systems, lending and wealth management in 75+ countries.
With a "Phygital” strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia as of December 31, 2021, to an Omni-channel online digital platform, the Company’s Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), pre-paid gift cards, utility payments, travel services and technologies for insurance, bus information systems, lending and wealth management across 75+ countries including India. EbixCash has Forex operations in approximately 16 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata. EbixCash is a leader in the international remittance business based on gross transactional value. EbixCash, through its travel portfolio (Via.com and EbixCash.com), is one of the leading travel exchanges based in India and catering to Southeast Asian markets, with over 517,000 agents and approximately 17,900 registered corporate clients. EbixCash's financial technologies business offers software solutions to various clients in the areas of wealth, asset and lending 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
EbixCash Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India. The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running 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 investment in equity shares involves a high degree of risk and for details relating to such risk, see "Risk Factors" of the RHP, when available. Potential investors should not rely on the DRHP for any investment decision.
About Ebix, Inc.
With approximately 200 offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide on-demand software and e-commerce services to the insurance, financial services, travel, healthcare and e-learning industries. In the Insurance sector, Ebix’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.
Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebixcash.com