MoneyGram Expands Mobile Wallet Network in Asia through Integration with bKash in Bangladesh

Rhea-AI Summary

MoneyGram International (NASDAQ: MGI) has announced a significant expansion of its mobile wallet network by integrating with bKash, Bangladesh's leading mobile financial service provider. This partnership allows over 55 million bKash users to receive funds globally, enhancing financial inclusion in Bangladesh. MoneyGram reported a record 63% year-over-year growth in digital transactions in Q3 2021. With remittances accounting for nearly 7% of Bangladesh's GDP, this move is expected to meet the rising demand for digital financial solutions.

Positive

• Integration with bKash enhances MoneyGram's mobile wallet network.
• Access for over 55 million bKash users to receive international funds.
• Reported 63% year-over-year growth in digital transactions in Q3 2021.

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• None.

DALLAS, Nov. 17, 2021 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), the global leader in the evolution of digital P2P payments, today announced the expansion of its mobile wallet network through the integration with bKash, Bangladesh's leading mobile financial service (MFS) provider. This is the latest integration as part of MoneyGram's ongoing partnership with Thunes, a B2B company that powers payments for the world's fastest-growing businesses. With this launch, over 55 million bKash wallet users in Bangladesh will now be able to receive funds instantly from around the world.

"The digitization of our receive network is a core component of our growth strategy, and this latest integration can help improve the financial lives of millions of bKash wallet users in a large and growing market," said Alex Holmes, MoneyGram Chairman and CEO. "As we recently announced, total transactions received digitally through the MoneyGram platform reached a new all-time high in the third quarter of this year, with 63% year-over-year growth, and this partnership will further support this strong growth. As consumer preferences shift toward receiving transfers digitally, MoneyGram is committed to offering innovative financial solutions and is well-positioned to meet these demands."

Across many areas of the world, especially in parts of Asia, remittances remain a vital role in consumer lives, while demand for digital options and mobile wallets continues to surge. According to the World Bank¹, an estimated 22 Billion USD flowed into Bangladesh in the form of remittances in 2020, accounting for almost 7% of the country's GDP in the year. This latest integration with bKash will increase access to direct remittance services and help accelerate financial inclusion in Bangladesh.

"We believe that access to fast and affordable global payments is one of the basic human rights, and that technology can help us achieve it," said Peter De Caluwe, CEO of Thunes. "We are glad to partner with MoneyGram and bKash to get us one step closer to that vision and enable seamless digital payments to the vibrant Bangladeshi community"

bKash is a leading and high growth player in the digital landscape of Bangladesh. Along with receiving remittances in real-time, bKash wallets can be used to pay for a variety of products and services including mobile recharge, utility bill payments, and payments of various food delivery and ridesharing services. A study released earlier this year by Bangladesh Institute of Development Studies (BIDS) even found that household incomes for bKash users had risen over 15%, partly due to the ease and speed of transferring emergency funds to Bangladesh during recent cyclones and flooding. During the pandemic, bKash has helped Bangladesh boost its inbound remittance and promoted cashless transactions further by offering 1% cash bonus on top of 2% government incentive and wide range of payments solutions.

About MoneyGram International, Inc.
MoneyGram is leading the evolution of digital P2P payments. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people around the world over the last five years.

The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, its global retail network and its emerging embedded finance business for enterprise customers, MoneyGram as a Service.

For more information, please visit ir.moneygram.com and follow @MoneyGram.

MoneyGram Media Contact
Stephen Reiff
media@moneygram.com 

About bKash
Launched in 2011, bKash, a joint venture of BRAC Bank, US based Money in Motion LLC, International Finance Corporation of the World Bank Group, Bill and Melinda Gates Foundation and Ant Group, operates as a payment service provider offering broad range of digital financial services under the regulation of Bangladesh Bank.

bKash Media Contact
Rukhsana Mily
+880 1841234363
rukhsana.mily@bkash.com 

About Thunes
Thunes is a B2B company that powers payments for the world's fastest-growing businesses. Through a single, simple connection, consumers and businesses can send payments to – and get paid in – every corner of the world. Thunes currently supports 60+ currencies, enables payments to 115 countries, and helps to accept 285+ payment methods. Thunes is headquartered in Singapore with regional offices in London, Paris, Shanghai, New York, Dubai, and Nairobi. For more information, visit www.thunes.com

Thunes Media Contact
Irina Chuchkina
+65 9775 5128
press@thunes.com 

¹ https://data.worldbank.org/indicator/BX.TRF.PWKR.CD.DT?locations=BD

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SOURCE MoneyGram