MoneyGram payment service partners with South Korean Fintech, Global Money Express Co., Ltd. Now Global Money Express customers will have access to the services of the MoneyGram platform. As of the end of June, the payment service operates in more than 200 countries over the world.
Particularly, the new partnership will delight those who transfer funds from South Korea to China and South Asia. In turn, thanks to MoneyGram’s cooperation with GME, the major payment service will increase its presence in the Korean region.
According to Camila Chytil, chief operating officer of MoneyGram, the company is seeing an increase in the number of digital transactions, and a partnership with GME will only strengthen this.
Moreover, in this way, the company will be able to strengthen its presence in the South Korean market.
According to John Sung, CEO of Global Money Express Co, the partnership with MoneyGram will help fintech company expand its reach worldwide and provide more competitive and improved services to our current and potential customers locally.
Ripple Investments
In 2019, Ripple invested $ 50 million in money transfer service MoneyGram. As a result of the deal, fintech startup became the owner of 9.95% of the payment service shares.
According to the CEO of the Californian firm, Alex Holmes, this partnership with Ripple will drive progress in traditional fund transfers and digital assets. For the first time in history, we have got technical solutions for instant translation. The proven efficiency of using On-Demand Liquidity (ODL) was the reason for expanding the use of development.
Due to Ripple’s investments, the company’s management intends to increase XRP trading volumes. Therefore, Ripple tokens are needed for transactions in On-Demand Liquidity (ODL). Using this technical solution, payment services can send transfers abroad through special channels in XRP, when converting them into the requested currency by the recipient.
Other Partnerships
Ripple’s other partner, UnionBank, has run a network that will allow people who do not have access to the traditional financial system to get money transfers from abroad.
As part of this initiative, UnionBank is expanding its existing partnership with the local cryptocurrency exchange Coins.ph, which collaborates with the cryptocurrency company Ripple, using XRP as a payment guarantor, allowing Filipinos to quickly send and receive funds. Other money transfer companies have joined the UnionBank network: Dragonpay, Cebuana Lhuillier, LBC, PeraHub, and Palawan Express.
Due to the partnership Coins.ph with UnionBank, Brad Garlinghouse will expand its presence in the Asia-Pacific region.
Recall, last week, it also became known that SBI Ripple Asia, a joint venture of SBI Holdings, the Japanese group of companies FI and Ripple, began testing the On-Demand Liquidity (ODL) technical solution.
