MoneyGram International, a leading cross-border peer-to-peer money transfer company, entered the Saudi Arabian market with partnerships with Al Rajhi Bank, an Islamic bank in the country, and Tahweel Al Rajhi, its remittance arm.
Announced on Friday, the partnership will cover both digital and walk-in services.
This came when the Dallas-based company is aggressively expanding its services in the Asian countries which lead the remittance market.
“This partnership is an important milestone that capitalizes on recent strategic investments in major receive markets,” Grant Lines, MoneyGram chief revenue officer, said.
“Over the last few months, we’ve expanded with new partners in India, Egypt, Pakistan, and the Philippines to name a few. All of these markets are key recipients of transfers from Saudi Arabia, and consumers will now benefit from this customer-centric integration with Al Rajhi Bank.”
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A major remittance market
The company detailed that the country is the home to 11 million migrants who are sending a total of $33.6 billion in remittance every year, making it the second-largest remittance market.
The partnership with the local bank will allow MoneyGram to offer multiple pay-out services including cash, account deposit, and digital wallet capabilities.
“Al Rajhi Bank is the market leader in the Kingdom, and customer centricity is at the heart of all we do. Our alliance with MoneyGram will help our esteemed customers transfer their hard-earned money with ease and convenience to over 200 countries and territories,” Abdullah Al-Furaiji, Al Rajhi Bank’s head of remittance and exchange business, added.
Meanwhile, MoneyGram has recently received a buyout offer from Western Union, and if combined the to will become the largest remittance service provider in the world.
However, MoneyGram management is still to decide on the future of the company.