MoneyGram Joins Forces with BOTIM to Launch International Money Transfer to Over 200 Countries

Rhea-AI Summary

MoneyGram International (NASDAQ: MGI) has announced a strategic partnership with Astra Tech, the owner of BOTIM, the leading VoIP solution in MENA. This collaboration enables BOTIM to become the first communications platform in the region to offer seamless international money transfers. With over 90 million registered users, BOTIM will leverage MoneyGram's robust financial services to enhance user experience. The service is expected to be available in the UAE starting February. This partnership highlights the increasing demand for digital financial solutions and aims to revolutionize money transfers, making them as easy as sending a text message.

Positive

• Partnership with Astra Tech enhances MGI's fintech capabilities.
• BOTIM's user base of over 90 million can significantly increase transaction volume.
• Service launch in February 2023 positions MGI favorably in the MENA market.

Negative

• None.

BOTIM, the largest and most popular VoIP solution in MENA, is now the region's first communications platform to enable its users to seamlessly send money around the world

Astra Tech, the owner of BOTIM, is the latest organization to embed MoneyGram's leading fintech capabilities into its service offerings

DALLAS, Jan. 25, 2023 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a leading global financial technology company that connects the world's communities, today announced a strategic partnership with Astra Tech (Astra), a technology investment and development group based in the United Arab Emirates (UAE) and the owner of BOTIM, the largest and most popular Voice over Internet Protocol (VoIP) solution in the Middle East and North Africa (MENA) with over 90 million registered users. Through this innovative partnership, BOTIM is the region's first communications platform to enable its users to seamlessly send money around the world in near real-time.

"As we increasingly look to capture growth by opening our global network to new use cases, we are thrilled to offer our leading international money transfer capabilities on the most trusted consumer messaging platform across the Middle East," said Alex Holmes, MoneyGram Chairman and CEO. "We continue to be excited about the demand for our services – not only do millions of consumers around the world rely on MoneyGram for their daily financial needs, but more and more of the world's top organizations are now seeking to embed our fintech capabilities into their service offerings."

"Partnering with MoneyGram will allow us to leverage their unparalleled security and offer BOTIM users world-class financial services. Together, we are revolutionizing international money transfers by making it as seamless as sending a text message," said Abdallah Abu Sheikh, Astra Tech Founder and BOTIM CEO. "This represents our ability to connect people not only socially but also financially, while demonstrating our arrival as the first chat-based communication platform that enables people to send money home with a click of a button."

Astra Tech is on a mission to create a platform that will offer everything from instant messaging to digital payments. Earlier this month, Astra Tech acquired BOTIM, making the company one of the largest communications technology platforms in the MENA region. After recently distributing a poll asking consumers which new service they were most interested in accessing through the BOTIM app, more than 2 million responses in 48 hours indicated that international money transfer was the top priority.

"MoneyGram has spent over 80 years building one of the world's largest P2P payment networks, and today's announcement highlights the potential for all kinds of organizations to plug into that," said Grant Lines, MoneyGram Chief Revenue Officer. "I am excited to see this partnership take form as it advances our leading position in the Middle East and spurs a positive impact for our business while we continue uncovering new opportunities to create meaningful processing revenue in the years ahead."

The service is expected to be available to BOTIM users in the UAE in February.

About MoneyGram International, Inc.
MoneyGram International, Inc. is a global financial technology company that enables consumers and businesses to move and manage money in nearly every country around the world. Through its expansive set of fintech offerings, MoneyGram provides millions of consumers annually the ability to seamlessly send money home to family and friends, store money in mobile wallets, and buy, sell and hold cryptocurrencies on its industry-leading app. The Company's innovative cross-border platform enables its customers to send funds directly into bank accounts and mobile wallets or cash-in and cash-out more than 135 currencies and numerous cryptocurrencies through one of the largest cash distribution networks in the world. Modern, mobile and API-driven, MoneyGram's white-labeled remittance service also provides some of the world's top brands and organizations the ability to disburse funds directly to their consumer clients. Based in Dallas and known for its strong corporate culture globally, MoneyGram has been named a recipient of the Top Workplaces USA award for two consecutive years, an honor based entirely on employee feedback.

About BOTIM
BOTIM, renowned for VoIP across the MENA region, is now transforming from a communication app into an ultra app.  BOTIM will offer many services, including fintech, government services, pharmacy, retail, and more, for its users to make their lives more digital, seamless, and convenient. Established in 2017, BOTIM operates in 155 countries, offering free video and voice calls, money transfers within UAE, phone recharges and bill payments locally and internationally, group chats and group calls, gaming, health features, and a Quran book reading. Astra Tech, a UAE-based technology development group, acquired BOTIM in 2022.

MoneyGram Media Contact
Sydney Schoolfield
media@moneygram.com

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SOURCE MoneyGram

FAQ

What is the partnership between MoneyGram and BOTIM about?

MoneyGram has partnered with BOTIM to enable international money transfers through the BOTIM app, making it the first communications platform in MENA to offer this service.

When will the money transfer service be available on BOTIM?

The money transfer service is expected to be available to BOTIM users in the UAE starting February 2023.

How many users does BOTIM have?

BOTIM has over 90 million registered users in the MENA region.

What does the partnership signify for MoneyGram's growth?

The partnership signifies MoneyGram's expansion into new use cases and markets, leveraging BOTIM's large user base for potential growth.

What is unique about the BOTIM app after this partnership?

After the partnership, BOTIM will enable users to send money internationally as easily as sending a text message, revolutionizing how users can transfer money.