According to a press release, Ripple partner MoneyGram has inked a deal with Al Rajhi Bank, the number one Islamic banking institution with more than $88 bln worth of assets under management.
Because of its most recent strategic partnership, the Dallas-based company will be able to tap into the Saudi Arabian remittance market.
MoneyGram CRO Grant Lines describes this tie-up as ‘an important milestone’:
This partnership is an important milestone that capitalizes on recent strategic investments in major receive markets.
Chasing big money in MENA
Back in January, MoneyGram also scored a deal with Suez Canal Bank, one of the leading commercial banks in Egypt, to provide its customers with an opportunity to send funds directly to local bank accounts.
Venturing into Saudi Arabia seems long overdue for MoneyGram considering that Ripple has a very strong presence in the MENA region.
Other regions of interest
Both MoneyGram and Ripple are also focused on their expansion in the Asia-Pacific region.
Recently, the two companies have made inroads towards occupying the South Korean remittance market by joining forces with local fintech players.
MoneyGram is also utilizing Ripple’s On-Demand Liquidity (ODL) solution for conducting cross-border payments to the Philipines and Australia following the acquisition.
The firm is rumored to be taken over by Western Union, but the merger between the two biggest U.S. companies might not sit well with U.S. regulators.