MoneyGram eyes South Korea expansion with WireBarley partnership

By Gloria Mathias

MoneyGram, a global financial technology company that connects the world’s communities, has announced the expansion of its direct-to-bank account services in South Korea through an integration with Asia’s payment platform, WireBarley.

With this launch, MoneyGram customers in South Korea can now receive funds from family and friends around the world in near real-time bank account services via WireBarley. Through MoneyGram’s global payment rails, WireBarley customers can also now send money to over 200 countries and territories around the world.

“The digitization of our receive network has always been a core component of our growth strategy,” said Sam Darmawan, Regional Head of North Asia and Singapore at MoneyGram. “According to the World Bank1, inbound remittances to South Korea were nearly $8 billion in 2022 and continues to be a growing market. With our expanded digital receive services via our leading website and app as well as other mobile wallet and digital partners around the globe, we are well-positioned to serve the evolving needs of customers in South Korea and beyond.”

“We are proud to be MoneyGram’s exclusive partner to offer bank account deposits to vibrant South Korean locals and its community,” said Jihong Kim, Chief Commercial Officer of WireBarley. “Leveraging our established network throughout the country, WireBarley looks forward to helping MoneyGram enhance its remittance offerings in South Korea.”

MoneyGram International, Inc. is a global financial technology company that enables consumers and businesses to move and manage money in nearly every country around the world. Through its expansive set of fintech offerings, MoneyGram provides millions of consumers annually the ability to seamlessly send money home to family and friends, and buy, sell, and hold cryptocurrencies on its app.

WireBarley Corp. has a strong foothold in the Asia Pacific region. WireBarley has further strengthened its presence as a global brand with its expansion into the U.S. and Canadian markets, for Korean overseas remittance companies.