Ripple's Partner MoneyGram Strengthens Its Presence in Fifth Biggest Remittance Market

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Thu, 01/23/2020 - 20:50
Alex Dovbnya
Ripple’s key partner MoneyGram will now allow Egyptians to receive remittances directly into their bank account after partnering up with Suez Canal Bank
Cover image via 123rf.com

Ripple’s partner MoneyGram is expected to greatly expand its presence in Egypt, the fifth largest remittance market in the world, after forming a strategic tie-up with Suez Canal Bank. 

Because of its deal with one of the country’s leading financial institutions, local consumers will be able to receive money from abroad directly into their bank accounts.

MoneyGram CRO Grant Lines highlighted that expanding deposit services around the globe is a vital part of their ‘digital transformation.’ The importance of digitalization was earlier highlighted by the company’s CEO Alex Holmes.      

"We're excited about how this partnership with Suez Canal Bank will provide our customers in Egypt with cutting-edge capabilities that offer the industry's best service." 

The importance of this partnership for MoneyGram shouldn’t be overestimated given that Egypt accounts for 11.6 percent of the country’s GDP.

Notably, the deal with Suez Canal Bank came just days after MoneyGram Lulu Financial Holdings to expand into the Asia-Pacific region.  

As reported by U.Today, MoneyGram now relies on Ripple’s On-Demand Liquidity (ODL) solution for conducting cross-border transfers after the San Francisco-based blockchain leader acquired a 10 percent stake in the legacy money transfer company. 

Apart from mentioning its existing ODL corridors, Ripple also announced its plans to open additional ones in numerous world regions, including EMEA. With MoneyGram gaining a foothold in Egypt, one shouldn’t rule out that Ripple might choose this country as a springboard for its future expansion into the African region. 

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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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