- MoneyGram, which is based in the US state of Texas, will now offer a peer-to-peer lending service in Vietnam – one of Southeast Asia’s most important economies.
- Customers will be able to make money transfers to a wide range of countries in Europe and further afield, and they will be able to use either MoneyGram’s website or its mobile app.
- Grant Lines, a senior figure at MoneyGram, said that his company was “modern, mobile, and API-driven”.
International money transfers provider MoneyGram has announced that it is making a move into the peer-to-peer money transfer space in a major Southeast Asian economy.
MoneyGram said that it is going to make the move into Vietnam in order to provide money transfer services to 20 or so nations around the world.
This will be done through its relationship with Visa Direct.
The collaboration relies on a number of partners, including Visa and Sacombank.
The new arrangement will mean that clients will be able to send cash to countries such as the UK as well as the US.
Almost 20 European countries will feature on the list.
Customers in Vietnam will have a range of choices when it comes to making the transfer.
They can, for example, do this on the MoneyGram website or by using the firm’s mobile app.
In a statement, a leading name from MoneyGram – which is based in the US state of Texas – remarked that the move came after a positive few months for the company.
Grant Lines, who serves as global chief revenue officer at MoneyGram, said that it was all part of a strategy to improve the firm’s offer.
“We’ve already hit the ground running in 2021, and this latest integration with Visa Direct further improves our leading customer experience and will help execute our strategy to scale digital growth in one of the largest remittance markets in the world,” he said.
He went on to say that the company had ascended to a position where it was the preferred provider for firms such as Visa.
“We’ve built a modern, mobile, and API-driven company that has enabled MoneyGram to become the preferred partner for cross-border transfers, and we’re excited to continue to expand our real-time transfer capabilities with Visa Direct,” he said.
According to studies, Vietnam is one of the world’s most popular places for remittances.
Visa Direct allows customers to send around US$10,000 every day.
In terms of individual transactions, clients can send $2,500 per day.
There are no fees charged on these transactions until the middle of the year.
For Sacombank, deputy general manager Nguyen Minh Tam said that the benefits would add to the lives of those who have cards with the firm.
“In this digital age, we believe it is important to introduce solutions that can improve our cardholders’ lives,” he said.
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