MoneyGram International (NYSE:MGI), a leading global money transfer company, announced today a significant expansion of its money transfer services in Vietnam as Sacombank joins the company's agent network, adding 253 countrywide locations.
"Vietnam is a leading recipient of global remittances and a country of significant focus for MoneyGram in 2010," said John Hempsey, MoneyGram's executive vice president of Europe, the Middle East, Africa and Asia Pacific. "As consumers seek greater value, our latest expansion will provide highly convenient money transfer services and more choices for consumers to collect MoneyGram money transfers from a leading remittance organization, including their current trusted bank location."
Approximately $7 billion in remittances arrive in Vietnam each year, primarily from the United States and Canada, according to World Bank estimates.
Nick Cunnew, MoneyGram's senior regional director of Asia Pacific and South Asia, explained, "Many Vietnamese are sending funds home to invest with preferred financial institutions as well as to support family. By adding our services to a financial institution already known as a remittance leader, consumers have a compelling reason to try our brand and discover the value of MoneyGram's services, including low fees and convenient and reliable agent locations."
Previously, DongA Bank joined MoneyGram's agent network and in addition to providing MoneyGram money transfer services at its 130 branch locations, the bank also offers the added convenience of home delivery for MoneyGram. Customers in Vietnam can collect their funds at a home or business with DongA's delivery service.
Hempsey added, "Vietnam has unique remittance needs and we aim to provide our money transfer services in all the ways our consumers desire to receive funds. We recently added money transfer services to mobile phones in the Philippines and we look forward to bringing greater convenience to remittances in Vietnam with our future network developments."
In addition to its network expansion, MoneyGram recently awarded a $10,000 grant to Children of Vietnam, a U.S.-based not for profit agency with a local office in Vietnam. The grant will build a kindergarten in a rural community of Quang Nam province, where nearly 100 children currently have no access to these services.