Global financial technology company MoneyGram has partnered with Tencent Financial Technology to enable digital money transfers in China.
A partnership between MoneyGram and Tencent Financial Technology, Tencent's fintech arm, will allow individuals to use MoneyGram Online, the company's direct-to-consumer website and app, according to information detailed in a press release. The plan is to allow funds to be sent to the recipient's Weixin Pay via Wallet is a Chinese payment and digital wallet service.
MoneyGram – Tencent Financial Technology Partnership Goal
MoneyGram officials said the company aims to continue to launch user-centric services globally, given consumers' demand for convenient and efficient digital payment solutions. By partnering with Tencent Financial Technology, MoneyGram intends to provide a simple and reliable way for individuals to receive funds in markets that rely on remittances. According to recent data from the World Bank, China received US$51 billion in remittances in 2022, making it the third-highest country in the world. Additionally, the region has a large internet user base, and e-commerce and mobile payments are on the rise as consumers require digital means as endpoints for cross-border remittances. By collaborating with various companies active in the payments industry, MoneyGram works to drive its development strategy and meet consumer demands.
Additionally, a representative from Tencent Financial Technology emphasized that the company is committed to facilitating simplified cross-border transactions as part of its global efforts. The newly announced partnership with MoneyGram is focused on strengthening global connectivity and enabling access for individuals and families while improving the entire money transfer process. Currently, Tencent develops products and services aimed at improving the quality of life for individuals around the world. As a fintech division, Tencent Financial Technology is focused on providing comprehensive mobile payment and financial services. One of the company's goals is to build an open ecosystem with partners around the world while promoting financial inclusion.
Recent developments in MoneyGram
Prior to this announcement, MoneyGram entered into a strategic partnership with barraq to enable consumers in Saudi Arabia to send funds to family and friends around the world using barraq's mobile app. . The service will be provided by MoneyGram's cross-border technology platform, allowing recipients to access their funds through several digital means and retail outlets around the world. Additionally, the partnership will leverage the capabilities of barraq, which is expected to be one of the fastest growing financial apps in the Middle East, to reach additional customers and become one of the largest international remittance regions. The aim was to strengthen MoneyGram's position in the market.
