Wirecard's Indian Subsidiary Star Global Obtains License Upgrade by Reserve Bank of India
BENGALURU and ASCHHEIM, Germany, January 2, 2017 /PRNewswire/ --
- Upgrade From Full Fledged Money Changers (FFMC) to Authorized Dealer, Category II
- Enables 17 New Business Activities
Star Global Currency Exchange Private Limited, a group company of Wirecard AG, got an upgrade of its license issued by Reserve Bank of India to Authorised Dealer in Foreign Exchange (Category II). The earlier licence was a Full Fledged Money Changers Licence with limited authority to deal only in buying and selling foreign currencies, traveller cheques and prepaid cards for travel related purposes.
Star Global's new Authorized Dealer, Category II licence empowers the company to handle further types of remittances and release of foreign exchange. There are 17 additional activities permitted to AD Category II licence holders such as disbursement of crew wages; remittances for overseas education or under educational tie up arrangements with universities abroad; remittances for medical treatments abroad; and many more.
RV Bhat, Executive Director at Star Global Currency Exchange Private Limited says: "The upgrade of our license to Authorised Dealer Category II is a great honour for us and is evidence of the confidence of the Regulatory Authorities in our company. We are excited about the new business opportunities the new license offers us and look forward to continue our expansion."
About Wirecard:
Wirecard AG is one of the world's leading independent providers of outsourcing and white label solutions for electronic payment transactions. The Wirecard Group has been supporting companies in accepting electronic payments from all sales channels. A global multi-channel platform bundles international payment acceptances and methods, supplemented by fraud prevention solutions. When it comes to issuing their own payment instruments in the form of cards or mobile payment solutions, Wirecard provides companies with an end-to-end infrastructure, including the requisite licenses for card and account products.
Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI).
Inquiries:
Wirecard AG
Iris Stoeckl
Einsteinring 35
D-85609 Aschheim / Germany
Ph.: +49 (0) 89-4424-1424
E-Mail: iris.stoeckl@wirecard.com
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