MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of digital P2P payments, and Mobily Pay, a pioneering mobile wallet powered by leading Saudi-based telecommunications and digital service provider Mobily, today announced a partnership to launch MoneyGram's leading international money transfer capabilities on Mobily Pay.
This partnership empowers millions of consumers in Saudi Arabia to use the Mobily Pay mobile wallet to send money in near real-time around the world.
This launch marks the latest successful integration of MoneyGram's growing white-label offering that enables financial technology companies to access its leading global money transfer network. Through this partnership, Mobily Pay will boost its existing digital offerings by adding new services and scale, while MoneyGram will efficiently expand the number of payments it processes through its powerful API-driven infrastructure and best-in-class technology.
"We're excited to partner with Mobily Pay to reach millions of new consumers in Saudi Arabia with our leading global network," said Alex Holmes, MoneyGram Chairman and CEO. "The digitization of our global network is a core component of our growth strategy, and we continue to report exceptional results. As mobile wallet adoption growth accelerates, digital partnerships with companies like Mobily Pay create tremendous value for consumers and strengthen our leading position in this fast-growing market."
MoneyGram's integration with Mobily Pay also builds upon its strong momentum and recent successes with digital partners in the Middle East. This partnership further accelerates both companies' digital growth in one of the world's largest remittance countries, and fastest growing mobile wallet markets.
"MoneyGram is one of the leading and most reliable international money transfer companies. Thanks to this new strategic partnership, Mobily Pay users will be able to transfer money – to a bank account, digital wallet, or cash – through a global network of more than 200 countries and regions," said Ayman Aleissa, CEO of Mobily Pay. "This new partnership reflects Mobily's strategic endeavors to deliver a superior user experience by providing comprehensive digital services that elevates the lifestyle of individuals and confirms Mobily's keenness to continue supporting the digital transformation process in the Kingdom."
The partnership is expected to be live for consumers later this year.