Ripple XRP Partner MoneyGram Makes Foray into Singaporean Market

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Thu, 02/06/2020 - 18:56
Alex Dovbnya
MoneyGram launches a website to expand its digital presence in the Singaporean market
Cover image via www.123rf.com
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Ripple's partner MoneyGram has announced the launch of a website for customers in Singapore, the market that is responsible for $7.2 bln annual outflows.   

From now on, the residents of this tech-savvy country will be able to use the company's digital services for conducting cross-border payments. 

"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"

 - Said Kamila Chytil, Chief Operating Officer at MoneyGram. 

MoneyGram's digital expansion  

This need for accelerating digital growth is explained by increasingly tough competition in the remittance business. Multiple money transfer operators are scrambling to launch mobile wallet apps to catch up with growing smartphone penetration. 

As reported by U.Today, 80 percent of all MoneyGram transactions during the company's record-shattering holiday season were made with the help of mobile phones.   

Facing intense competition   

MoneyGram, Western Union, and other legacy players have to compete with a plethora of fintech startups such as InstaReM and FlexM in the Singaporean market. The former is one of RippleNet members in Southeast Asia that relies on blockchain for processing transactions in real-time.

Apart from Singapore, MoneyGram recently expanded its presence in India because of its strategic partnership with EbixCash. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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