The partnership enables consumers to send funds through MoneyGram Online, MoneyGram's leading direct-to-consumer website and app, directly to recipients' Weixin Pay wallet, a leading payment and digital wallet service in China.

"As consumers increasingly seek frictionless digital payout options, MoneyGram continues to roll out customer-centric solutions around the world," said John Gely, MoneyGram Regional Head of Asia Pacific and South Asia. "MoneyGram has grown to serve over 150 million people in the last five years, and our business in now digitally enabled in more than 150 countries. Through this partnership with Tencent Financial Technology, we are proud to offer this fast, easy and reliable method to receive money in a market that so heavily relies on remittances."

According to the World Bank, China received $51 billion in remittances in 2022, ranking the third highest receive country for remittances in the world. As China has one of the world's largest internet user bases and has experienced a surge in e-commerce and mobile payments, consumers are increasingly seeking digital methods as an end point in cross-border transfers. Through consumer-centric collaborations such as the partnership announced today, MoneyGram continues to meet that consumer demand.

"In today's ever more interconnected world, our unwavering commitment to facilitating seamless cross-border transactions remains a central focus of our global initiatives," said Royal Chen, Vice President of Tencent Financial Technology. "With our new partnership with MoneyGram, we are working together to take significant strides toward fortifying global connections and empowering individuals and families as well as simplifying remittance such that it's as effortless as sending a message."