NOIDA, India and JOHNS CREEK, Georgia, Oct. 03, 2022 (GLOBE NEWSWIRE) — EbixCash Limited, a technology provider of B2C, B2B and fintech digital products and services, today announced that its foreign exchange – EbixCash World Money, has signed a strategic partnership agreement with Al Fardan Exchange LLC, UAE for the import and export of foreign currency banknotes. The agreement was signed by Mr. Hasan Jaber Al Fardan, Deputy Managing Director – Business Strategy, Al Fardan Exchange LLC and Mr. TC Guruprasad, Managing Director, EbixCash Payment Solutions Division in the presence of the management teams of both entities.
EbixCash Limited is a subsidiary of Ebix, Inc. (NASDAQ: EBIX), a leading international provider of on-demand software and e-commerce services to the insurance, finance, healthcare and online learning.
Al Fardan Exchange, a member of the multidimensional Al Fardan Group, established in 1971, is the first and one of the largest exchange houses in the United Arab Emirates. Al Fardan Exchange, through its strong network of over 70 people across Emirates, serves the cosmopolitan community of the United Arab Emirates.
“We are delighted to officially announce a strategic partnership with Al Fardan Exchange, LLC, UAE for the import and export of foreign currency banknotes.” TC Guruprasad, Managing Director, EbixCash World Money said. “The partnership will allow us to source and sell foreign currency tickets in the most convenient and easy way to and from India to the UAE. This will give us a competitive advantage in pricing and logistics, which will help us serve our large banknote customer base more efficiently.”
EbixCash World Money, the foreign exchange division of EbixCash Limited holds a leading position in foreign exchange trading in India, with an extensive network comprising over 81 retail branches, 250 franchise partners and duty free shops, over 27 banking customers , more than 1200 corporate clients including Top Fortune 500 clients and 5 star hotels in India. EbixCash World Money is also a leading player in the airport and seaport money exchange industry in India, with retail kiosks at over 16 international airports and 12 seaports.
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
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
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