World-leading remittance company MoneyGram that recently partnered Ripple has announced that it has expanded its digital capabilities tentacles with the establishment of a platform that allows customers in Singapore to make easy and fast international transfers.
MoneyGram made the announcement today, saying it selected Singapore due to the size of the remittance market in the country. With over $7.2 billion yearly outflows, Singapore, according to World Bank, is among the largest transfer market in Southeast Asia. Hence, MoneyGram says the development would help the company in expanding its growth within the walls of the region.
MoneyGram’s Chief Operating Officer Kamila Chytil said while growth is a core value of the company, the remittance firm is pleased to have introduced the service to the people of Singapore.
“Accelerating digital growth and growing our direct to consumer business is core to our company strategy. Customers are increasingly valuing the investments we’ve made to enhance their experience, and we’re thrilled to bring these capabilities to the digitally-savvy population of Singapore to send money to friends and family around the world,” Chytil said.
MoneyGram has its digital capabilities enabled in over 65 countries of the world as it continues to invest hugely in its digital transformation.
Through the investment, MoneyGram has achieved strong growth rates in its digital business and the achievement has been driven majorly by customers’ experience and international expansion.
Will Ripple Benefits from this Advancement?
After partnering Ripple in a deal that will last 2 years, MoneyGram announced it has adopted Ripple’s On-Demand Liquidity (ODL) via RippleNet.
The remittance firm made the announced at the Swell 2019 program, averring that 10% of its transactions between the United States and Mexican borders are done through ODL.
The CEO of MoneyGram, Alex Holmes added that the company is also planning to expand the use of Ripple’s ODL to four more corridors by end of 2019.
“We’re able to settle billions of dollars in seconds. The magic really comes from pairing MoneyGram transactions with Ripple’s ODL,” said Holmes.
Although the year 2019 has ended, Ripple-MoneyGram alliance has not ended, hence, there is possibility Ripple and XRP benefit from MoneyGram’s latest advancement into Singapore more importantly because MoneyGram believes that Ripple’s ODL would enhance its operations.
Recently, NewsLogical reported that MoneyGram partnered Ukrainian Bank Industrialbank to extend its service to the largest recipient of remittance in Europe and Central Asia, Ukraine.