Global Money Express is one of the largest money transfer and payment fintech companies in South Korea, which makes it a big deal for MoneyGram, as both expect mutual benefits from the partnership.
Also, the collaboration between the two financial institutions is expected to benefit Ripple and its digital token XRP, whether directly or indirectly, due to the active partnership between MoneyGram and the San Francisco based blockchain tech.
Details of the Partnership between MoneyGram and Global Money Express (GME)
The partnership gives GME’s customers the enablement to connect to the MoneyGram platform and distribution network across the world.
According to the report, the partnership will mostly benefit users that effect payment from South Korea to China and South Asia.
John Sung, the CEO of Global Money Express, said,
“We are delighted to partner with MoneyGram in a rapidly changing, cross-border money transfer, and payment market in Korea. 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.”
A Significant Milestone for MoneyGram
The money transfer giant, MoneyGram, has managed to seal notable partnerships lately. Aside from its partnership with GME of South Korea, it recently sealed a partnership with E9Pay, representing a notable milestone for the payment giant that strives to lead the South Korea peer-to-peer (P2P) payments and remittance market.
Reacting to the new partnership, Kamila Chytil, the MoneyGram Chief Operating Officer and leader of the company’s digital business, said:
“Partnering with leading fintech companies is a critical component of our strategy to accelerate digital growth. 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.”