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MoneyGram & Tencent to offer remittances to Weixin Pay users in China

By Gloria Mathias

April 04, 2024

  • Banking Solutions
  • China
  • China News
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MoneyGram, WireBarley, Seoul, Korea, South Korea, Banking Solutions, Baking Technology, Remittances, Tencent, Tencent Financial Technology, Weixen Pay,  China, Digital Remittances, Payments Technology, Fintech news, China News, Fintech China,  MoneyGram, a global financial technology company has announced a new partnership with Tencent Financial Technology, the FinTech division of Tencent.

The partnership enables consumers to send funds through MoneyGram Online, MoneyGram’s direct-to-consumer website and app, directly to recipients’ Weixin Pay wallet, a payment and digital wallet service in China.

“As consumers increasingly seek frictionless digital payout options, MoneyGram continues to roll out customer-centric solutions around the world,” said John Gely, MoneyGram Regional Head of Asia Pacific, and South Asia. “MoneyGram has grown to serve over 150 million people in the last five years, and our business is now digitally enabled in more than 150 countries. Through this partnership with Tencent Financial Technology, we are proud to offer this fast, easy and reliable method to receive money in a market that so heavily relies on remittances.”

According to the World Bank, China received $51 billion in remittances in 2022, ranking as the third-highest receiving country for remittances in the world. As China has one of the world’s largest internet user bases and has experienced a surge in e-commerce and mobile payments, consumers are increasingly seeking digital methods as an endpoint in cross-border transfers. Through consumer-centric collaborations such as the partnership announced today, MoneyGram continues to meet that consumer demand.

“In today’s ever more interconnected world, our unwavering commitment to facilitating seamless cross-border transactions remains a central focus of our global initiatives,” said Royal Chen, Vice President of Tencent Financial Technology. “With our new partnership with MoneyGram, we are working together to take significant strides towards fortifying global connections and empowering individuals and families, as well as simplifying remittance so that it’s as effortless as sending a message.”

Tencent Financial Technology is Tencent’s FinTech division that provides comprehensive mobile payment and financial services.  Tencent Financial Technology follows the principles of operation in compliance with the law, offering high-quality products and services, continuous risk control, openness and doing business for good. Tencent Financial Technology is committed to fueling financial inclusion and building an open ecosystem with global partners.

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