PRNews

MoneyGram Announces New Partnership with Tencent Financial Technology to Enable Digital Remittances to Weixin Pay Wallet Users across China

Cision | Wed, Apr 03 2024 02:00 PM AEDT

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Image Source: Sivastatz

SINGAPORE, April 3, 2024 /PRNewswire/ -- MoneyGram International, Inc., ("MoneyGram" or the "Company"), a leading global financial technology company that connects the world's communities, today 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 leading direct-to-consumer website and app, directly to recipients' Weixin Pay wallet, a leading 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 in 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 the third highest receive 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 end point 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 toward fortifying global connections and empowering individuals and families as well as simplifying remittance such that it's as effortless as sending a message."

About MoneyGram International, Inc.

MoneyGram International, Inc. is a global financial technology company enabling consumers and businesses to move and manage money in nearly every country around the world. Through its innovative cross-border platform, MoneyGram provides millions of consumers globally the ability to send money home for family and friends to pick up in cash or receive directly to a bank account, mobile wallet or card. The Company is a pioneer in the use of blockchain technology at scale and also enables consumers to buy, sell and hold digital currencies on its industry-leading app. With one of the world's most extensive and dynamic cash distribution networks, MoneyGram has become the single largest on and off-ramp provider for digital currencies in the world. The MoneyGram team spans the globe with over 2,000 employees across over 30 countries, representing more than 75 nationalities. Headquartered in Dallas, Texas, and known for its strong corporate culture globally, MoneyGram has been named a recipient of the Top Workplaces USA award for three consecutive years. By the numbers, MoneyGram serves more than 50 million people in over 200 countries and territories each year, processing more than $200 billion USD annually. Relentlessly digital-first and customer-centric, the Company's digital transactions now account for over 50% of its money transfer business.

About Tencent Financial Technology

Tencent is a world-leading internet and technology company that develops innovative products and services to improve the quality of life of people around the world. 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.

Tencent Financial Technology
https://www.fitgroup.com/en/home

Tencent
https://www.tencent.com/zh-cn/index.html

MoneyGram Online
https://www.moneygram.com/mgo/au/en/

Weixin Pay
https://pay.weixin.qq.com/index.php/public/wechatpay

World Bank
https://www.worldbank.org/en/news/press-release/2023/06/13/remittances-remain-resilient-likely-to-slow#:~:text=The%20top%20five%20recipient%20countries,and%20Pakistan%20(%2430%20billion).

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