Ripple partner MoneyGram has just announced its collaboration with South Korean remittance company E9Pay.
The newly inked deal will let E9Pay customers send funds to more than 200 countries supported by MoneyGram.
MoneyGram, which boasts more than 350,000 branches around the globe, allows transferring money to a bank account or a smartphone wallet.
Eyeing a $13 bln market
The collaboration with E9Pay represents MoneyGram’s latest aggressive expansion effort in South Korea whose overseas remittance market surpasses $13 bln.
In his statement, MoneyGram CEO Alex Holmes praised the firm for its penchant for innovations and loyal customer base:
E9Pay has a strong culture of innovation with a loyal customer base of avid users, and this partnership enables E9Pay customers access to our global platform, including our account deposit capabilities.
Before joining forces with E9Pay, the popular money transfer service had also secured other strategic partnerships in the region, with other fintech companies such as Korea Post and Sentbe.
Due to high demand, South Korea’s national postal service launched MoneyGram post offices back in 2018.
Ripple’s expansion in South Korea
Ripple, the $10 bln blockchain juggernaut that owns a 10 percent stake in MoneyGram, has also been expanding in South Korea at a rapid pace.
Back in February, it joined forces with three local remittance firms, including the aforementioned Sentbe.