- MoneyGram and Lightnet will work together to provide an enhanced payments service in the crucial South East Asia market, focusing in particular on Lightnet’s Bridgenet tool.
- The tool works by bridging the gap between money transfer operators and institutions in the sector, such as banks and other companies.
- Spokespeople for both firms said that they were looking forward to the new arrangement being instituted – with MoneyGram saying that the two firms had an alignment when it came to “visions”.
A financial technology company in Singapore has announced a new joint offer with the international money transfers company MoneyGram.
Lightnet will work alongside MoneyGram to offer improved payments services to customers in the South East Asia region.
The two firms will focus their offer on the Bridgenet tool developed by Lightnet, which is a system designed to bring together money transfer operators in the country with transfer provision.
It allows both banks and other financial institutions, such as agent networks, to work together even if their systems do not necessarily fit each other’s designs.
This, in turn, helps to improve the experience for the end user.
MoneyGram is an internationally recognised brand in the cross-border payments field, and works in over 200 nations around the world.
In a statement, a senior figure there said that the two firms had similar “visions” about what was required to succeed in the money transfer world.
Grant Lines, who is the company’s chief revenue officer, said that the company is looking forward to a positive working relationship.
“We are proud to work with Lightnet to increase financial inclusion and provide our customers with the best options for money transfer in ASEAN. We love to collaborate with companies whose visions align with ours, and we look forward to a continued successful collaboration with Lightnet,” he said.
On Lightnet’s part, the firm’s chief product officer Suvicha Sudchai looked forward to a broader payments offer across the board.
Sudchai said that “payout services” for customers in the region was about to improve.
“Through Bridgenet, Lightnet helps provide an even wider selection of payout services across Southeast Asia to MoneyGram’s customers via MoneyGram’s participating Money Transfer Operators,” he said.
It is understood that part of the motivation on Lightnet’s part is to help improve the inclusivity of financial services in the country.
The main beneficiaries of the new project are expected to be those who are described as ‘underbanked’ – meaning that they are denied access to the same levels of financial services as more privileged groups.
The firm’s intentions in this regard were reflected in an added statement by Chatchaval Jiaravanon, who chairs Lightnet.
“This successful integration is a reflection of Lightnet’s mission to promote financial mobility and inclusivity for the unbanked and underbanked populations of Asia,” he said.
On its website, Lightnet states that it works with a wide range of partners – including UOB Venture Management, Hashkey and more.
Are you interested in hearing more about what MoneyGram has to offer? If so, we can help – just visit our dedicated MoneyGram review page to learn about this brand and its online money transfer offer.
