With this addition, MoneyGram's money transfer services will be available at more than 14,000 locations in China, strengthening MoneyGram's growing network in China.

China is one of the world's largest remittance markets with transfers to the country primarily originating from North America and European countries, and outgoing transfers largely being sent to family and friends all over the world.

"Adding China Guangfa Bank to our network in China is an important step for us as we provide more access to affordable money transfer services to those who rely on remittances for their daily needs," said Nick Cunnew, vice president for Asia Pacific, MoneyGram. "Customers in all the provinces where MoneyGram services are available appreciate our ability to bring people closer through a reliable and convenient customer service."

China Guangfa Bank, founded in September 1988, is one of the earliest-incorporated joint stock commercial banks in China. CGB has 544 branches covering about 40 cities and towns in mainland China.

CGB offers a broad range of financial services including personal and corporate banking, asset management, wealth management, broker-dealer and advisory services, issuance services, and treasury services. It has more than 500 branches in mainland China, Hong Kong and Macau.