Mumbai, Feb 22: Board of Directors of Weizmann Forex Limited (WFL), the main player in the remote trade and internal settlements space has endorsed the securing of Weizmann Impex Enterprises Ltd (WISE).
The proposed merger designated date is April 1. The exchange is proposed to be finished by means of a plan of amalgamation and is liable to important administrative endorsements.
WISE, which has been approved by the Reserve Bank of India (RBI) to issue and work semi-shut prepaid payment instruments in India, owns JaldiCash, coordinated payments and applications platform.
JaldiCash is selective across the national system of 18,000+ channel accomplices, which achieves clients crosswise over 29 Indian states and 520 places through a B2B, helped plan of action.
The platform helps business accomplices to disperse different administrations that as of now incorporate local cash exchange, service charge payments, Indo-Nepal settlements, online air/railroad ticketing and bike insurance.
JaldiCash intends to consistently extend its portfolio and dispatch P2P loaning, working capital advance help for retailers, lodging appointments and some different administrations.
There are noteworthy cross-cooperative energies with WFL's driving nearness in the settlements business in India, which can be utilized to extend the offer on a typical platform.
Managing director, Weizmann Forex Limited, B. Karthikeyan said, "We are excited to announce this acquisition which provides substantial synergies with our existing international remittances operations. The platform enables us to offer multiple revenue streams to our existing retailer/agent network thereby increasing distribution stickiness for our core products. Some of the products offered through the platform like air ticketing are synergistic for growing our forex business as well. Since the market potential of the products offered through Jaldicash platform is significant, using the network management strengths of Weizmann Forex will help drive business of these newer products substantially."