Digital money transfer service MoneyGram (NASDAQ: MGI) announced on Tuesday it has formed a new partnership with LuLu Money, a non-banking finance group that specializes primarily in foreign exchange and global money transfers. MoneyGram reported that through the partnership LuLu Money will utilize the MoneyGram API-driven platform to gain access to leading consumer-centric capabilities and further its global network.
“The new agreement will extend the MoneyGram and LuLu Money presence in the Asia-Pacific region and Oman, as MoneyGram money transfers will be available through an extensive network of Lulu Money branches, liaison offices, and 50,000+ trusted agents.”
While sharing more details about the collaboration, Adeeb Ahmed, Managing Director of LuLu Financial Group, stated:
“This partnership will revolutionize how the region manages its high volume of remittances, launching unique services into the market, changing the way people approach digital transactions and remittances. We believe this marks a new era for digital money transfers and remittances in the Asia-Pacific region and the world.”
Alex Holmes, Chairman and Chief Executive Officer at MoneyGram, also commented:
“LuLu Money has made a major push to digitize its money transfer business through this partnership. MoneyGram looks forward to working with them to create new innovative products and services that extend our digital reach and bring financial inclusion to customers throughout the Asia-Pacific market.”
MoneyGram went on to add that the digital transformation will complement LuLu Money to help with customer acquisition and business volume growth.