NOIDA, India and DALLAS,
Jan. 13, 2020 /PRNewswire/
-- EbixCash, a wholly-owned subsidiary of Ebix, Inc. (NASDAQ:
EBIX), a leading international supplier of On-Demand software and
E-commerce services, together with MoneyGram International, Inc.
(NASDAQ: MGI), a global provider of innovative money transfer
services, announced a strategic partnership to bring enhanced
services to millions of consumers across India.
Details of the strategic partnership include:
- MoneyGram has appointed EbixCash as its exclusive partner in
India
- MoneyGram will now be able to reach additional consumers
through Ebix's 320,000 distribution outlets spread across 768
districts, 4,000 cities, and more than 75,000 villages –
significantly increasing coverage in rural areas
- EbixCash customers in these locations can now access the
MoneyGram platform to quickly and conveniently receive money from
family and friends around the world
- The strategic partnership aims to service inward remittance
volumes of $3 billion annually by
targeting remitters in key sending markets outside India
"MoneyGram is focusing on diversification by investing in both
its digital business and in key international markets such as
India," said Alex Holmes, MoneyGram Chairman and Chief
Executive Officer. "Partnering with the largest financial exchange
in the country is an important milestone, and we are excited to
enable EbixCash to plug into the MoneyGram platform to access our
customer-centric capabilities and services."
Robin Raina, Ebix Inc. Chairman,
President and Chief Executive Officer said, "We are excited with
the nature of this strategic partnership which is a win-win for
both sides. Being a master agent for MoneyGram, our interests will
now be perfectly aligned to ensure that MoneyGram's reach is spread
across the length and breadth of India through our strong franchisee network.
We see this as a game changing deal on many fronts for us and will
thus put all of our might behind this partnership."
"India remains the world's top
recipient of remittances, and we're excited to better serve this
critical market through our partnership with EbixCash, a leading
brand with an approximate 80% share of locations in the country,"
added Grant Lines, MoneyGram Chief
Revenue Officer.
About MoneyGram International, Inc.
MoneyGram is a global leader in omnichannel money transfer and
payment services that enables friends and family to affordably,
reliably and conveniently send money for life's daily needs in over
200 countries and territories.
The innovative MoneyGram platform leverages its leading digital
and physical network, global financial settlement engine,
cloud-based infrastructure with integrated APIs, and its
unparalleled compliance program that leads the industry in
protecting consumers. For more information, please visit
www.moneygram.com
About EbixCash and Ebix, Inc.
With a "Phygital" strategy that combines 320,000 physical
distribution outlets in many Southeast Asian Nations ("ASEAN")
countries, to an Omni-channel online digital platform, the
Company's EbixCash Financial exchange portfolio encompasses
leadership in areas of domestic & international money
remittance, foreign exchange (Forex), travel, pre-paid & gift
cards, utility payments, lending, wealth management etc. in
India and other markets.
EbixCash's Forex operations have emerged as a leader in
India's airport Foreign Exchange
business with operations in 32 international airports including
Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year.
EbixCash's inward remittance business in India conducts approx. $6.5 billion gross annual remittance business,
confirming its undisputed leadership position in India. EbixCash, through its travel portfolio
of Via and Mercury, is also one of Southeast Asia's leading travel exchanges with
over 2,200+ employees, 212,450+ agent network, 25 branches and over
9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year.
For more information, visit the Company's website at
www.ebixcash.com
With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX)
endeavors to provide On-Demand software and E-commerce services to
the insurance, financial, 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. For more information, visit the Company's website
at www.ebix.com
CONTACTS:
MoneyGram Media Contact:
Noelle Whittington
media@moneygram.com or 214-979-1402
EbixCash Media Contact:
Darren
Joseph
IR@ebix.com or 678 281 2027
David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com
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SOURCE MoneyGram International, Inc.