DALLAS, June 4, 2020 /PRNewswire/ -- MoneyGram
International, Inc. (NASDAQ: MGI), a global leader in
cross-border P2P payments and money transfers, today announced that
it has entered into a strategic partnership with Al Rajhi Bank, the
largest Islamic bank in the world, and Tahweel Al Rajhi, the
remittances arm of Al Rajhi Bank, to provide money transfer
services in Saudi Arabia. The
partnership covers both digital and walk-in channels and will
enable strong customer growth in one of the world's largest
remittance markets.
"This partnership is an important milestone that capitalizes on
recent strategic investments in major receive markets," said
Grant Lines, MoneyGram Chief Revenue
Officer. "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."
According to the World Bank, Saudi
Arabia is home to over 11 million immigrants who send about
$33.6 billion in remittances, making
it the second-largest country for outbound flows. As one of the
most innovative banks in Saudi
Arabia, Al Rajhi Bank continues to integrate the latest
technologies to provide customers with multiple options to send
money. MoneyGram will work with Al Rajhi Bank to provide customers
with multiple payout services including cash, account deposit and
digital wallet capabilities.
Abdullah Al-Furaiji, Al Rajhi
Bank Head of Remittance and Exchange Business said, "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."
"MoneyGram is delighted to partner with Al Rajhi Bank – a bank
with the leading digital and physical remittance network in
Saudi Arabia," said Ahmed Aly, Head of Middle East for MoneyGram. "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."
About MoneyGram International, Inc.
MoneyGram is a global leader in cross-border P2P payments and
money transfers. Its consumer-centric capabilities enable family
and friends to quickly and affordably send money in more than 200
countries and territories, with over 70 countries now digitally
enabled.
MoneyGram leverages its modern, mobile, and API-driven platform
and collaborates with the world's leading brands to serve millions
of people each year through both its walk-in business and its
direct-to-consumer digital business.
With a strong culture of innovation and a relentless focus on
utilizing technology to deliver the world's best customer
experience, MoneyGram is leading the evolution of digital P2P
payments.
For more information, please visit MoneyGram.com and follow
@MoneyGram.
About Al Rajhi Bank
Al Rajhi Bank is the largest Islamic bank in the world by assets
and market capitalization. Tahweel Al Rajhi is Al Rajhi Bank's
remittance arm, providing local and global money transfer services
and banknotes services in addition to many other premium services.
Tahweel Al Rajhi has the largest branch network in the Kingdom with
over 230 centers and over 110 correspondent bank relationships.
Additionally, Tahweel Al Rajhi services its customer's remittance
and payment needs round the clock through its state-of-the-art
omnichannel presence, including ATMs, kiosks, online, app, IVR,
keyboard and POS channels.
MoneyGram Media Contact
Stephen Reiff
media@moneygram.com
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SOURCE MoneyGram