wordpress blog stats
Connect with us

Hi, what are you looking for?

ItzCash parent Ebix acquires a third money transfer company for $40 million

Ebix, the parent company which owns ItzCash, has acquired a third money transfer company in India and has bought Paul Merchants for around $40 million through its Indian affiliate. As a part of the Transaction, Paul Merchants will also take a 10% stake in Ebix’s combined international remittance business entity in India for cash consideration. Last month, Ebix acquired Money Transfer Service Scheme (MTSS) businesses of YouFirst Money Express Private Limited and Wall Street Finance Limited. The companies added that Paul Merchant's earnings will be accretive to Ebix's businesses one it gets the requisite regulatory approval. "The customary process for such approval can take a timeline of 45 to 60 days," the company added in a statement. Paul Merchants Inward Remittance Exchange Encompasses 20,000+ Distribution Outlets, 165+ Branches, Processing over 6 Million Transactions Per Annum. The acquisitions will be consolidated into the Ebix ItzCash’s Financial Exchange operations. When Ebix acquired 80% of ItzCash’s stake, the companies said that they would be building a Financial Exchange and wanted to expand to insurance, lending & credit, mutual funds & investments segments. The two acquisitions will also help ItzCash build its distribution and financial exchange. Currently, the exchange has 75,000 outlets from ItzCash and the deal will increase the number of outlets to 94,000 across the country. RBI to allow wallets to make cross-border remittance  In May, the Reserve Bank of India (RBI) opened new avenues of business. Wallets might be able to undertake cross-border inward remittances, according to its new draft guidelines. However, the wallets need to be fully…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).

News

India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?

News

After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples

News

In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection

News

The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ