Digital money transfer service MoneyGram (NASDAQ: MGI) announced on Tuesday it has formed a partnership with Korean fintech, Global Money Express (GME). According to MoneyGram, the partnership enables GME customers to connect to the MoneyGram platform and distribution network in more than 200 countries and territories. The integration will especially benefit consumers who send money from South Korea to China and South Asia.
“This new integration with GME, combined with the recent partnership with E9Pay, represents a significant milestone for MoneyGram as the company strengthens its leading position in the South Korea P2P payments and remittance market, which has approximately $13.4 billion in annual remittance outflows, according to the World Bank.”
While sharing more details about the partnership, Kamila Chytil, MoneyGram COO and Digital Business Lead, stated:
“Partnering with leading fintech companies is a critical component of our strategy to accelerate digital growth. We recently reported 100% year-over-year digital transaction growth May. Our new partnership with GME, one of the fastest-growing fintech companies in a key market, will further support this strong digital growth.”
MoneyGram describes itself as a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. The company offers person-to-person money transfer and payment services in more than 200 countries and territories through a global network of approximately 350,000 locations, working with retailers, international post offices, and banks.