MoneyGram International, Inc. (“MoneyGram” or the “Company”), a leading global financial technology company connecting the world’s communities, today announced a new partnership with Tencent Financial Technology, the fintech division of Tencent.
The partnership enables consumers to send funds directly to the recipient’s Weixin Pay wallet, a leading payments and digital wallet service in China, through MoneyGram Online, MoneyGram’s leading direct-to-consumer website and app.
“As consumers increasingly seek seamless digital withdrawal options, MoneyGram continues to introduce customer-centric solutions around the world,” said John Gely, MoneyGram Regional Head of Asia Pacific and South Asia. “MoneyGram has grown to over 150 million people in the last five years and our business is now digital in more than 150 countries. Through this partnership with Tencent Financial Technology, we are proud to offer this fast, easy and reliable way to receive money in a market that relies so heavily on remittances.”
According to the World Bank, China received $51 billion in remittances in 2022, making it the third-highest remittance recipient country in the world. With China having one of the world’s largest internet user groups and experiencing a surge in e-commerce and mobile payments, consumers are increasingly looking to digital methods as an endpoint for cross-border remittances. Through consumer-focused collaborations like the partnership announced today, MoneyGram continues to meet this consumer demand.
“In today’s increasingly connected world, our unwavering commitment to facilitating seamless cross-border transactions remains a core focus of our global initiatives,” said Royal Chen, vice president of Tencent Financial Technology. “Through our new partnership with MoneyGram, we are working together to make meaningful progress in strengthening global connections, empowering individuals and families, and simplifying transfers so that they are as effortless as sending a message.”