EbixCash Signs Strategic Partnership Agreement with Al Fardan Exchange, UAE
October 03 2022 - 7:41AM
EbixCash Limited, a technology enabled provider of digital products
and services in the B2C, B2B and financial technology arena, today
announced that its Foreign Exchange Division - EbixCash World
Money, has signed a strategic partnership agreement with Al Fardan
Exchange LLC, UAE for import and export of Foreign Currency
Banknotes. The agreement was inked by Mr. Hasan Jaber Al Fardan,
Deputy Chief Executive Officer – Business Strategy, Al Fardan
Exchange LLC and Mr. T.C. Guruprasad, Managing Director, EbixCash
Payment Solutions Division in the presence of senior management
teams of both the entities.
EbixCash Limited is a subsidiary of Ebix, Inc.
(NASDAQ: EBIX), a leading international supplier of On-Demand
software and E-commerce services to the insurance, financial,
healthcare and e-learning industries.
Al Fardan Exchange, a member of the multi-
dimensional Al Fardan Group, established in the year 1971 is the
first and one of the largest exchange houses in the UAE. Al Fardan
Exchange, through its 70-plus strong network across Emirates,
serves the cosmopolitan community of the UAE.
“We are excited to be formally announcing a
strategic partnership with Al Fardan Exchange, LLC, UAE for import
and export of foreign currency banknotes”. T C Guruprasad, Managing
Director, EbixCash World Money said. “The partnership will allow us
to source and sell foreign currency banknotes in the most
convenient and hassle-free manner to and from India to the UAE.
This will provide us a competitive edge in pricing and logistics,
which will help us service our large banknote client base more
efficiently.”
EbixCash World Money, the foreign exchange
division of EbixCash Limited holds a leadership position in foreign
exchange business in India, with a vast network encompassing 81+
retail branches, 250 franchisee partners and duty-free shops, 27+
bank clients, 1200+ corporate clients including top fortune 500
clients and 5-star hotels in India. EbixCash World Money is also a
leading player in India’s airport and seaport Money Exchange
business with retail kiosks in 16+ international airports, and 12
seaports.
About EbixCash
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
Disclaimer:
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.ebix.com
CONTACT:
Satish Sapru
satish.sapru@Ebix.com or +91 99990 13426
Darren Joseph
IR@ebix.com or +1 678 281 2027
David Collins or Chris Eddy, Catalyst Global
ebix@catalyst-ir.com or + 1 212-924-9800
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