MoneyGram International (NYSE:MGI) Chairman and Chief Executive Officer Pamela H. Patsley was in Vietnam today to launch the country's first money transfer kiosk with DongA Bank and meet with MoneyGram agents to discuss new opportunities, network expansion and transaction growth in this country of growing importance in the global remittance market.
"Vietnam is an increasingly important market in the $400 billion global money transfer industry with more than $7 billion in remittances received in the country in 2010," said Patsley. "MoneyGram is committed to growing our presence here. Last year, we increased our network in Vietnam by 30 percent. We're very intent on expanding our products and services throughout Vietnam and we're doing it creatively with DongA Bank and the introduction of our Red Kiosks and home delivery."
DongA Bank is a leading MoneyGram agent in the country providing service at 252 locations and home delivery to any business or home address. DongA is also opening Red Kiosks at select locations, the first opened today in Ho Chi Minh City.
According to Remas Ho, regional director of Asia, MoneyGram and its agents in Vietnam are working together to provide consumers with fast, reliable and convenient money transfer solutions. A key strength for MoneyGram in Vietnam is the impressive group of financial institutions in network, including DongA Bank, which provides customers with locations countrywide, home delivery and now kiosks.
Le Tri Thong, Deputy CEO of DongA Bank and Chairman of DongA Money Transfer Company said: "Growing our money transfer services at DongA Bank is part of our focus on developing the local financial market and transferring global best-practice methods for the benefit of our customers. Aligning ourselves with MoneyGram will ensure that we provide our customers with international standards of convenience and security. Our Red Kiosks are an important part of this strategy and we're eager to open our first locations this month."
Remittances to Vietnam are predominantly sent from the United States and may be received at any of MoneyGram's nearly 1,500 locations countrywide, which in addition to DongA Bank includes leading banks Eximbank and Sacombank added in 2010 as well as Vietcombank, VIB, and Saigon Bank.
Patsley's visit to the region confirms the company's business and philanthropic commitment to Vietnam, which also includes MoneyGram Global Giving donations of more than $20,000 to Children of Vietnam since 2009. The grants were given to construct the Binh Minh Kindergarten School in Tam Dai, Quang Nam, which opened in May 2010. Additionally, $10,000 of the grant will provide five students with four-year scholarships through Children of Vietnam.
Ben Wilson, Children of Vietnam founder and president, said, "We are extremely grateful to MoneyGram. It is certainly a community-minded business and has given the young students great opportunity to become self-reliant and productive citizens."