MoneyGram International, Inc. (NASDAQ: MGI), one of the world's largest money transfer companies, announced today that it is partnering with Wing (Cambodia) Limited Specialised Bank, Cambodia's leading mobile banking service provider, to offer a new service that will allow customers to receive funds directly into their mobile wallets.
"With 80 percent of our online transactions being made on a mobile device, we are looking to provide even more options for our customers using our digital platforms," said Alex Holmes, MoneyGram president and CEO. "Wing is at the forefront of mobile money and electronic payments, and this mobile wallet tool will serve as a valuable asset for the under-banked in Cambodia, allowing consumers to conveniently and reliably send money across digital boundaries from anywhere."
Under this partnership, MoneyGram customers can remit and receive money conveniently via Wing Money mobile app. Customers also have the option to cash out using any of 7,000 WING cash Xpress outlets in Cambodia.
"It's our commitment to provide every Cambodian with convenient access to mobile financial services relevant to, and for the improvement of, their daily lives," said Manu Rajan, Chief Executive Officer of Wing. "Our partnership with MoneyGram has allowed us to increase our global presence and keep friends and family from around the world connected. MoneyGram is an innovative company and their omnichannel strategy helps give these customers more choice. This new service is just one more example of how we never stop working to provide the people of Cambodia with the best products and services possible."
According to the National Bank of Cambodia, funds sent back into the country from Cambodian migrant workers totalled $1.4 billion in 2018. That number is expected to rise as money sent home from Cambodians working abroad provides an important source of income for families looking to pay their daily expenses, make investments and repay loans.