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MoneyGram and NCB to launch money transfer network in Saudi Arabia
Wednesday 07/01/2009 8:33 AM ET - Datamonitor

 

 

US-based MoneyGram International, a money transfer company, and National Commercial Bank have entered into an agreement to offer MoneyGram's international money transfer service at the bank's 1,400 ATM locations in Saudi Arabia.

MoneyGram's money transfers at National Commercial Bank (NCB) will be sent over the bank's Quickpay platform. Initially, only send services will be available.

Anthony Ryan, president and CEO of MoneyGram International, said: "Saudi Arabia is the second largest send market in the world behind the US, and our alliance with a premier financial institution like NCB represents a significant opportunity for MoneyGram's expansion plans in the Middle East."

Alasharif Khalid Alghalib, senior executive vice president and head of the individual banking sector of NCB, said: "Together with MoneyGram, we can now claim to offer our customers simply the best way to send their money to loved ones back home, using the largest money transfer network in Saudi Arabia.

"With our partner, we have removed the inconvenience of standing in line during office hours and are providing expatriate clients a service that is secure and quick; but above all, flexible and tailored to meet their needs."

       
   ICBC), Bank of Communications (BCOM), CITIC Bank, China Industrial Bank, Shengjing Bank (former Shengyang Commercial Bank); Shenzhen Ping An Bank and Anshan Bank.  
     



Main office
1550 Utica Avenue South
Minneapolis, MN 55416
Phone: 952-591-3000
www.moneygram.com

Background
MoneyGram International, Inc., through its subsidiaries, provides payment services. It operates through two segments, Global Funds Transfer and Payment Systems. The Global Funds Transfer segment provides money transfer services, money orders, and walk-in and electronic bill payment services to consumers, such as unbanked, underbanked, and convenience users. This segment also offers its money transfer services on the Internet, as well as through a network of retail agents in North America, Latin America, western Europe, the Middle East, the Indian subcontinent, the Asia Pacific, eastern Europe, and Africa. It sells its money orders under the MoneyGram brand, as well as on a private label basis or co-branded with retail agents. This segment's bill payment suite of services enables convenience payers, just-in-time payers, and delinquent debtors to pay bills through its network to credit card companies, mortgage companies, auto finance companies, telecom companies, satellite companies, property management companies, and third-party bill collectors. The Payment Systems segment primarily provides payment processing services, which include official check outsourcing and sale of money orders, as well as automated clearing house processing services to financial institutions, thrifts, and credit unions. MoneyGram International distributes its products through a network of sales and marketing teams to agent distribution channels, such as general merchandise, grocery, drug and convenience store retailers, check cashing, and bank locations. The company was founded in 1926 and is headquartered in Minneapolis, Minnesota.

 

MoneyGram International and Bank of China Announce Plans to Expand MoneyGram Money Transfer Services in China
Wednesday 04/29/2009 8:00 AM ET - Businesswire

 

 

MoneyGram International (NYSE:MGI), a global money transfer company, and Bank of China, a pillar of China's banking community and Global Fortune 500 Company, announced today plans to begin offering MoneyGram money transfer services at all 200 Bank of China locations in Beijing in anticipation of expanding into the full Bank of China network.

"We are pleased to launch MoneyGram money transfer services to our Bank of China locations in Beijing, bringing value to our customers, widening the array of services that we offer, and also satisfying the demand for international money transfer service within the local and overseas Chinese population," said Mr. Feiqi MEI, Deputy General Manager, of Bank of China, Beijing branches.

MoneyGram International executives Pamela H. Patsley, executive chairman; and Anthony Ryan, president and chief executive officer, met today in Beijing with leaders from Bank of China as well as other leading agents on the mainland to discuss the common goal of bringing needed financial services to the people of China.

"International expansion is a key growth strategy for MoneyGram," said Patsley. "China represents a vast opportunity for MoneyGram to expand its global network and deliver on its commitment to provide safe and reliable money transfer services to people in every corner of the world."

Ryan said, "Our strategic alliance with a financial institution such as Bank of China reflects an important milestone and significant opportunity for MoneyGram's expansion plans in China. Through Bank of China's impressive national network spanning urban cities and rural towns across mainland China, MoneyGram is able to meet the needs of consumers in one of the largest remittance markets in the world by ensuring that our services are accessible and convenient."

The demand for money transfer services is driven by the growing number of Chinese studying, traveling, working and migrating abroad. The alliance between MoneyGram and the Bank of China provides customers in China with more options for safe, convenient and reliable money transfer services. To send or receive money in China, customers can walk into any MoneyGram agent location, complete a simple form and show a photo identification to transfer funds in as little as 10 minutes, subject to agent availability and hours of operation. All fees are paid by the sender.

MoneyGram, with nearly 15,000 agent locations in the Asia Pacific region, has been providing services in China since 1994. In China, agents include Industrial & Commercial Bank of China (

About MoneyGram International

MoneyGram International offers more choices and more control for people separated from friends and family by distance or those with limited banking relationships to meet their financial needs. A leading global provider of money transfer services, MoneyGram International helps consumers to safely send money around the world in as little as 10 minutes. Its global network is comprised of 176,000 agent locations in 190 countries and territories. MoneyGram's convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer at an agent location, please visit www.moneygram.com.

SOURCE: MoneyGram International

    MoneyGram International  Rong Li, 8610-6310-0088-826  rong.li@fortunechina.com.cn  Or  Lynda Michielutti, 952-591-3846  lmichielutti@moneygram.com    
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#80   BOTTOM IS IN, BIG DAY TODAY IMO;-) INTHEKNOW1 01/06/16 09:10:06 AM
#79   ~ $MGI ~ Earnings posted, pending or coming Penny Roger$ 02/03/12 05:17:53 AM
#78   MGI now looks pretty cheap. i would be T-Master 11/20/11 02:00:09 PM
#77   Why do I feel like my butt is bdaddyay 11/16/11 09:13:57 AM
#76   MGI LOD 2.56 $King 11/14/11 10:05:25 AM
#75   I sold all 15000 shares back in june T-Master 09/15/11 04:36:16 PM
#74   MGI has been very lightly traded. FUNMAN 09/15/11 04:30:00 PM
#73   MGI just got upgraded from nuetral to overweight T-Master 09/01/11 04:23:36 PM
#72   MGI looking pretty weak here. But the corporate T-Master 08/25/11 04:20:08 PM
#71   2.00 is the bottom. I'll be a serious T-Master 08/08/11 07:30:12 PM
#70   that was awesome. i bot more shares yesterday T-Master 07/28/11 12:03:06 PM
#69   MoneyGram International, Inc. (MGI) Tops Q2 Views FUNMAN 07/28/11 11:57:08 AM
#68   Agreements in remittance countries are important (MGI to FUNMAN 06/30/11 10:02:31 AM
#67   Considering the big price swings, I am surprised FUNMAN 06/17/11 09:46:13 AM
#66   agreed 100%. Ive been trading MGI on and T-Master 06/15/11 12:04:16 PM
#65   I'm an MGI fan, and have been telling FUNMAN 06/15/11 10:28:20 AM
#64   this board is dead! At least MGI have T-Master 06/14/11 01:53:07 PM
#63   hello... anybody... the market tanked today and MGI T-Master 06/01/11 08:52:05 PM
#62   anyone has any news besides the India deal T-Master 06/01/11 02:13:48 PM
#61   anyone has any news besides the India deal T-Master 06/01/11 02:13:43 PM
#60   MGI reported financial results for the first quarter FUNMAN 04/28/11 02:56:49 PM
#59   ok were are we at on this board clec 03/25/11 10:20:23 AM
#58   New hispanic partners in USA for MGI. specialidea 09/13/10 09:58:49 AM
#57   After researching MGI I entered with a nice MrMajik55 08/02/10 05:01:19 PM
#56   What's with the action lately, just noticed zomniac 07/28/10 02:42:15 PM
#55   This is a nice retirement inclusion for your choifunds 02/18/10 06:50:24 AM
#54   I wonder if this dips to 2.40... choifunds 02/16/10 11:28:29 AM
#53   spectacular choifunds 02/16/10 11:27:38 AM
#52   NEWS (Earnings): finance.yahoo.com/news/MoneyGram-International-bw-30332662 Theo 02/04/10 08:50:13 AM
#51   I will be getting in shortly. Looking choifunds 02/04/10 08:45:53 AM
#50   Alot of great recent news! choifunds 02/04/10 08:45:15 AM
#49   Don't see anyone talking about this one- Yahoo, Theo 01/30/10 01:41:26 PM
#48   I was following this up to breaking the zomniac 01/30/10 11:40:57 AM
#47   TheStreet.com: {fwiw} Theo 01/30/10 10:19:18 AM
#46   MoneyGram strikes a major deal with Bank of China: yadgar 01/20/10 05:24:10 AM
#45   Earnings and CC NEWS: finance.yahoo.com/news/MoneyGram-to-Release-Fourth-bw Theo 01/11/10 01:11:32 PM
#44   NEWS: finance.yahoo.com/news/MoneyGram-International-bw-2716160239.html?x=0&.v=1 Theo 12/28/09 12:27:53 PM
#43   Anyone watching this? Looks to be a SmallCapWarrior 12/20/09 09:58:55 PM
#42   anybody? this thing is ready to see the okyougotme 09/10/09 10:02:24 PM
#41   ya agreed one time things killed them, but okyougotme 08/27/09 12:34:03 AM
#40   They missed earnings. Gigantor 08/06/09 08:26:18 PM
#39   Your reasoning for this stance is.....? Gigantor 08/03/09 04:07:07 PM
#38   upword trend now, okyougotme 08/03/09 01:01:36 PM
#37   Load up now earnings coming aug 6th , okyougotme 07/24/09 04:25:40 PM
#36   this is just the beggining to this, if okyougotme 07/01/09 05:57:29 PM
#35   Just grabbed me a starter here today at GlassCrasher 07/01/09 12:17:46 PM
#34   July and august will be big for moneygram okyougotme 06/28/09 03:48:40 PM
#33   --Agent locations grow 18 percent okyougotme 05/07/09 04:16:01 PM
#32   my opinion is they will crush this , okyougotme 05/07/09 10:43:09 AM
#31   Hi couple questions.... Would you recomend buying before Youngone18 05/06/09 11:01:33 PM
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