MoneyGram International (NYSE: MGI), a global money transfer company, announced today an alliance with CIMB Thai Bank Public Company, Ltd. (formerly BankThai) to begin MoneyGram money transfer service at nearly 150 CIMB Thai branches in July.
The addition of CIMB Thai will increase MoneyGram's network in Bangkok by nearly 20 percent and add key locations in rural communities across Thailand.
Nick Cunnew, MoneyGram's senior regional director for Asia Pacific and South Asia, said: "Our primary focus is on adding more choices and convenience for money transfer customers to help them manage their financial needs. Globally, we added more than 30,000 locations last year and we are pleased to extend this growth to Thailand with our first expansion in the country since 2004. Our alliance with CIMB Thai will expand our reach in Thailand and make the MoneyGram service more accessible to customers in this important, growing money transfer market."
Khun Subhak Siwaraksa, president and CEO of CIMB Thai, said: "When we brought Bank Thai into the CIMB network just a month ago, we promised to offer more products and services to our valued customers. Today, we are delivering on our promise and we are pleased to add MoneyGram's international money transfer services throughout our network in Thailand."
According to World Bank, an estimated $1.8 billion was sent to Thailand in 2008 driven by the increasing number of Thai people studying, traveling and working abroad. The alliance between MoneyGram and CIMB Thai provides customers in Thailand with safe, convenient and reliable money transfer services.
Beyond its growth in Thailand, MoneyGram recently announced expansion plans in Cambodia with Advanced Bank of Asia to provide money transfer service at each of its branches. In 2008, MoneyGram added home delivery service in Vietnam with its agent DongA Bank.
Cunnew added, "Growing our locations across Asia is a top priority in 2009. It's important to strengthen our agent network in growth markets like Thailand and Cambodia to provide more immigrant workers and their families access to our affordable service."
To send or receive money in Thailand or any of the 190 countries and territories in MoneyGram's network, customers can walk into any MoneyGram agent location, complete a simple form and show a photo identification to transfer funds in as little as 10 minutes, subject to agent availability and hours of operation. All fees are paid by the sender. When applicable, a currency conversion fee may apply.