MoneyGram partners with Korean FinTech – Global Money Express

By Edil Corneille

MoneyGram International has collaborated with Global Money Express (GME), a money transfer and a payment FinTech company in South Korea. The partnership helps GME customers to connect to the MoneyGram platform and distribution network in over 200 countries and territories.

Earlier this month, MoneyGram launched a partnership in the Middle East with Al Rajhi Bank to transform the cross-border payments market in Saudi Arabia.

Kamila Chytil, MoneyGram Chief Operating Officer and leader of the company’s digital business enunciated, “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.”

The integration is expected to benefit consumers, especially those who send money from South Korea to China and South Asia.

John Sung, CEO, Global Money Express enthused, “We are delighted to partner with MoneyGram in a rapidly changing, cross-border money transfer and payment market in Korea.”

“The partnership with MoneyGram will help us expand our payout coverage globally and also provide more competitive and improved services to our current and potential customers here in South Korea.”

The integration with GME combined with a recent partnership with E9Pay is significant for MoneyGram as it strengthens its 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.