MoneyGram International, Inc. (NASDAQ: MGI) announced a partnership with Digital Financial Services LLC, enabling real-time cross-border money transfers for millions of eWallet customers in the UAE. This collaboration enhances MoneyGram's reach to over 200 countries through mobile wallet operators and walk-in locations. Grant Lines, MoneyGram's Chief Revenue Officer, highlighted the partnership's potential to boost digital growth in the Middle East. eWallet offers a digital payment service that simplifies transactions for UAE residents without the need for a bank account.
MoneyGram International (MGI) announced a partnership with Global Money Express Co. (GME), enhancing its presence in South Korea's P2P payment market. This collaboration will connect GME customers to MoneyGram's global network, facilitating money transfers to over 200 countries. The partnership aims to benefit consumers especially sending funds from South Korea to China and South Asia. MoneyGram's digital transactions saw a 100% year-over-year growth in May 2020, showcasing strong digital growth as they expand service offerings in a market with annual outflows of approximately $13.4 billion.