MoneyGram to work alongside South Korean fintech in digital growth plan

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • MoneyGram is to partner with Global Money Express Co., Ltd. in a new joint effort to provide additional services to South Korean customers.
  • The partnership will mean that clients of Global Money Express Co., Ltd. can use the MoneyGram global network.
  • “Partnering with leading fintech companies is a critical component of our strategy to accelerate digital growth,” said a MoneyGram spokesperson.

International money transfer firm MoneyGram has revealed a new partnership with a South Korean fintech company.

MoneyGram, which is based in Texas in the US, will work alongside Global Money Express Co., Ltd., which is one of South Korea’s biggest money transfer organisations.

Customers of Global Money Express Co., Ltd. will now be permitted to access the MoneyGram network and therefore reach more than 200 markets around the world.

Certain payment corridors, such as the ones between South Korea and South Asia as well as South Korea and China, will benefit in particular.

According to Kamila Chytil, who serves as MoneyGram’s chief operating officer and as the leader of the company’s digital business, partnerships such as these are ways to “accelerate digital growth”.

“Partnering with leading fintech companies is a critical component of our strategy to accelerate digital growth,” she said.

“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,” she added.

On behalf of Global Money Express Co., Ltd., John Sung, who is the firm’s chief executive officer, said that the new pairing would “help us expand our payout coverage globally”.

“We are delighted to partner with MoneyGram in a rapidly changing, cross-border money transfer and payment market in Korea,” he said.

“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,” he added.

According to a MoneyGram press release, Global Money Express Co., Ltd. was only set up in 2016 – but has since gone from strength to strength.

“Within 4 years, GME has added many more services to its portfolio, including overseas money transfer, local transfer, lending, money exchange, wallet services and more,” it said.

“GME is led by seasoned professionals in the remittance market and currently operates in brick-and-mortar stores, as well as its fully e-KYC compliant mobile app,” it added.

South Korea is a target market for MoneyGram, and this is far from the first time that it has partnered with organisations to extend its reach there.

It recently revealed a collaboration with another firm, E9Pay – and with this pairing now also under its belt, it is strengthening its position.

Given that annual outflows are estimated by one non-governmental organisation to be around US$13.4bn, it is easy to see why the country is so appealing to MoneyGram.

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