Ripple’s strategic partner, MoneyGram, has sealed a deal with the world’s largest Islamic bank that has more than $88 billion worth of assets, Al Rajhi Bank.
The new development was made known in a press release a couple of hours ago. This new collaboration will open the door for the money transfer giant, MoneyGram, in the Saudi Arabian remittance market.
Describing the new development, Grant Lines, the CRO at MoneyGram stated that the partnership is an important milestone.
He said, “This partnership is an important milestone that capitalizes on recent strategic investments in major receive markets. Over the last few months, we’ve expanded with new partners in India, Egypt, Pakistan, and the Philippines to name a few. All of these markets are key recipients of transfers from Saudi Arabia, and consumers will now benefit from this customer-centric integration with Al Rajhi Bank.”
Going by World Bank’s report, Saudi Arabia presently accommodates over 11 million immigrants that send relatively $33.6 billion cross-border remittances.
This partnership will bring MoneyGram and AI Rajhi Bank together to give customers several options to payout services, such as cash account deposit and digital wallet capabilities.
According to the report, the Islamic Bank’s Head of Remittance and Exchange Business, Abdullah Al-Furaiji stated that Al Rajhi Bank’s collaboration with MoneyGram will enhance its services to customers.
“Al Rajhi Bank is the market leader in the Kingdom, and customer centricity is at the heart of all we do. Our alliance with MoneyGram will help our esteemed customers transfer their hard-earned money with ease and convenience to over 200 countries and territories.”
The Head of Middle East for MoneyGram, Ahmed Aly, also said:
“MoneyGram is delighted to partner with Al Rajhi Bank – a bank with the leading digital and physical remittance network in Saudi Arabia. Our teams are highly engaged to drive customer acquisition in this exciting market. Al Rajhi Bank utilized our API-driven infrastructure to enable a quick and seamless integration.”
MoneyGram and Ripple Focus on Expansion in Asia-Pacific region
Ripple, the US-based cross-border payment firm, and its strategic partner, MoneyGram, focus on their expansion in the Asia-Pacific region. Both are working to occupy the South Korean remittance market by sealing deals with local fintech players in the country.
Additionally, MoneyGram is leveraging Ripple’s payment technology, On-Demand Liquidity (ODL) solution, to effect cross-border payments to the Philippines and Australia easily and efficiently.
It was rumored a couple of days ago that Western Union is taking over MoneyGram. However, the report remains a speculation until it eventually plays out.