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EbixCash and MoneyGram partner to expand money transfer services

EbixCash Mumbai-based EbixCash, a financial exchange in India, has been appointed as an exclusive partner by Dallas headquartered MoneyGram, which is a global provider of money transfer services. The alliance will allow EbixCash customers to access the MoneyGram platform for receiving remittances from individuals around the world.

“MoneyGram is focusing on diversification by investing in both its digital business and in key international markets such as India,” said Alex Holmes, Chairman & Chief Executive Officer, MoneyGram. “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, Chairman, President & Chief Executive Officer, Ebix 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.”

The strategic partnership aims to service inward remittance volumes of $3 billion annually by targeting remitters in key sending markets outside India.

“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, Chief Revenue Officer, MoneyGram.

MoneyGram will have access to Ebix’s 320,000 distribution outlets spread across 768 districts, 4,000 cities, and more than 75,000 villages.

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