MoneyGram (MGI), a leading global money transfer company, announced today that it has signed an agreement with Shanghai Rural Commercial Bank (SRCB), one of China's leading banks.
Money transfer services are now available to consumers at more than 20 SRCB locations, and the agreement includes continued expansion, with MoneyGram services expected to soon be offered in all of SRCB's financial convenience stores.
"Expanding MoneyGram funds transfer service with SRCB in Shanghai gets us yet another step closer to our goal of providing affordable, reliable and highly convenient services to consumers who rely on remittances for daily needs," said Grant Lines, MoneyGram's senior vice president for Asia Pacific, South Asia and Middle East, MoneyGram. "Many of SRCB's rural-area locations will soon be open until 9 p.m., which will give our customers even greater convenience when collecting funds from loved ones around the world."
SRCB is a nationally recognized, community-focused bank with a broad reach to Shanghai's 23-million population through 340 branches. The bank offers convenient services in every district in the city, including large communities and high-density rural areas. A forward-thinking bank focused on meeting consumer needs, SRCB opened 100 financial convenience stores with extended hours to provide easy access for the working rural population. MoneyGram services will be rolled out to these locations to increase the convenience of money transfer services in the area.
China is the second largest receive country in the world with an estimated $60 billion of money transfer receives, according to The World Bank. Chinese workers travel worldwide supporting foreign direct investment across the globe, generating transfers to China from about 150 countries on virtually every continent. MoneyGram's addition of SRCB to the network of more than 310,000 agent locations helps bring these workers closer to their families back home.