Ripple’s Partner MoneyGram Integrates with Global Money Express, Leading South Korean Remittance Firm

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Wed, 06/24/2020 - 07:39
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Yuri Molchan
A world payment behemoth, backed by Ripple, has struck a partnership deal with a large South Korean fintech firm, Global Money Express
Ripple’s Partner MoneyGram Integrates with Global Money Express, Leading South Korean Remittance Firm
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As reported by PR Newswire, one of Ripple’s major partners in P2P remittances, MoneyGram, has spread the word about its new partner in Asia.

This time, the US payment giant is expanding to South Korea and has partnered with the major local fintech company Global Money Express (GME).

This collaboration will be most beneficial for individuals who wire their funds from South Korea to Asia and China, the article states.

Expanding to South Korea

According to Kamila Chytil, MoneyGram’s COO and the head of the firm’s digital business section, striking partnerships with major fintech firms is part of MoneyGram’s plan to expand its digital growth.

She stated that lately, MoneyGram has reported 100% yoy growth in digital transactions in May. Partnering with a P2P payments giant as big as GME, which is also a fast growing company, is necessary for ensuring MoneyGram’s further expansion in the area of digital payments.

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The second recent big partner from South Korea

In late May, MoneyGram also teamed up with the South Korean money transfer company E9Pay, which is also a major milestone for MoneyGram’s expansion.

Thus, Ripple’s partner is cementing its leading spot in the remittance industry in South Korea, which can boast almost $13.5 bln in annual payment outflow, as per data from the World Bank.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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