Business Wire IndiaEbixCash Limited, a subsidiary of Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software to the insurance, financial and healthcare industries, today announced that in a pioneering move, Spare8, an emerging B2B2C Digital Gold platform, has partnered with Enterprise SaaS Wealth and Asset Management solution “MoneyWare™”, part of EbixCash, to implement Gold Leasing through Spare8's API driven Digital Gold stack.
It’s a leap towards mobilizing Gold in India and the first of its kind in all of Asia. As per a KPMG report, the Indian digital gold market size is projected to become a $100 Bn market opportunity by 2025, largely driven by the increasing adoption of fintech platforms and growing awareness of gold as an investment option among the young. This collaboration is set to turn heads in the fintech world, demonstrating EbixCash's commitment to embracing futuristic digital investment solutions and Spare8's prowess in disrupting the gold investment sector.
EbixCash Financial Technologies Managing Director, Sachin Seth said, “This partnership is a testament to EbixCash's vision for future of digital investments through Enterprise SaaS investment platform MoneyWare™, which offers its users a diverse and lucrative investment option for their clients, by leveraging Spare8's unique tech stack.”
Spare8’s Co-Founder & CEO, Ronit Harisingani said, “Most Indians hold Gold in some form, either Gold bars, coins, jewellery or digitally. This innovative investment option enables users to lease their digital gold and earn additional interest on the same; this helps first time investors experience the power of wealth creation and allows users to earn higher returns on their Gold purchased - starting with as little as 0.5 grams.
Partnering with EbixCash MoneyWare™ opens up quality distribution networks for this product, thereby bringing this innovative investment option in the hands of millions of Indians.”
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