Digital money transfer service MoneyGram (NASDAQ: MGI) announced on Tuesday it has formed a new partnership with E9Pay, a money transfer and payment fintech company based in Korea. According to MoneyGram, the partnership enables E9Pay customers to connect to the MoneyGram platform and distribution network in more than 200 countries and territories.
MoneyGram further revealed that the partnership with E9Pay will especially benefit consumers who send money between Southeast Asia, Russia, and the Commonwealth of Independent States (CIS), which are considered the main corridors for E9Pay. While sharing more details about the partnership, Alex Holmes MoneyGram Chairman and CEO, stated:
“As we continue to closely manage the ongoing COVID-19 situation, we’re also continuing to push forward on our strategy. E9Pay has a strong culture of innovation with a loyal customer base of avid users, and this partnership enables E9Pay customers access to our global platform, including our account deposit capabilities.”
Jeon Hyuk Goo, CEO of E9Pay Co., Ltd, further commented:
“We believe the best way to reach and help our customers is through collaboration with the prestigious MoneyGram brand. E9Pay firmly expects to continue to develop mutually beneficial business through strategic partnerships with MoneyGram.”
The partnership with E9Pay comes just days after MoneyGram announced it has entered into a partnership with the Federal Bank Limited – a private bank in India. The company revealed at the time that the collaboration will see its services made available for the bank’s customers in India. Federal Bank has a branch network of 1,276 branches and 1,937 ATMs/Recyclers spread across the country.