MoneyGram partners with Tencent Financial Technology

Friday 5 April 2024 14:54 CET | News

Global financial technology company MoneyGram has entered a collaboration with Tencent Financial Technology in a bid to enable digital remittances in China. 

As per the information detailed in the press release, MoneyGram’s partnership with Tencent Financial Technology, the fintech division of Tencent, intends to allow individuals to transfer funds via MoneyGram Online, the company’s direct-to-consumer website and app, to recipients’ Weixin Pay wallet, a payment and digital wallet service in China.

Global financial technology company MoneyGram has entered a collaboration with Tencent Financial Technology in a bid to enable digital remittances in China.

MoneyGram – Tencent Financial Technology partnership objectives

According to MoneyGram’s officials, considering that consumers require convenient and efficient digital payout solutions, the company aims to continue to launch user-centric services globally. By joining forces with Tencent Financial Technology, MoneyGram intends to provide a simple and reliable method to receive funds in a market where individuals rely on remittances. Recent data from the World Bank shows that China received USD 51 billion in remittances in 2022, being the third highest country globally. Additionally, the region has a large internet user base, as well as has experienced an increase in ecommerce and mobile payments, with consumers requiring digital methods as an end point in cross-border transfers. By collaborating with different companies operating in the payment landscape, MoneyGram advances its development strategy and works towards meeting consumer demand.

Furthermore, representatives from Tencent Financial Technology underlined that their company is committed to facilitating simplified cross-border transactions as part of its global initiatives. The newly announced partnership with MoneyGram focuses on solidifying global connections and enabling individuals and families, while also improving the remittance process overall. Currently, Tencent develops products and services aiming to enhance the quality of life for individuals across the globe. As its fintech division, Tencent Financial Technology focuses on offering comprehensive mobile payments and financial services. One of the company’s objectives is to advance financial inclusion while also creating an open ecosystem with worldwide partners.

MoneyGram’s recent developments

Prior to the current announcement, MoneyGram entered a strategic collaboration with barraq, intending to allow consumers in Saudi Arabia to receive the ability to utilise the latter’s mobile app to send funds to their family and friends across the world. The service was set to be provided by MoneyGram’s cross-border technology platform, with recipients being able to access their funds via several digital methods and retail locations globally. Moreover, the partnership aimed to tap into the capabilities of barraq, expected to be one of the Middle East’s fastest-growing financial apps, to reach additional customers, and enhance MoneyGram’s position in one of the largest outbound remittance regions.

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Keywords: partnership, online payments, ecommerce, financial inclusion, financial services, cross-border payments
Categories: Payments & Commerce
Companies: MoneyGram, Tencent
Countries: China
This article is part of category

Payments & Commerce




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