MoneyGram Partners with Digital Wallet urpay to Power Cross-Border Payments from Saudi Arabia

Rhea-AI Summary

MoneyGram (NASDAQ: MGI) has partnered with urpay, a Saudi-based digital wallet, to facilitate cross-border money transfers. This collaboration will enable urpay's users to leverage MoneyGram's API-driven infrastructure for global transactions. CEO Alex Holmes emphasized the partnership's significance for growth, while neoleap CEO Adel Al Rajhi noted the importance of reliable financial solutions. Expected to launch in early 2022, this initiative strengthens MoneyGram's position in the Middle East, a key region for outbound remittances.

Positive

• Partnership with urpay expands MoneyGram's global network and enhances cross-border payment capabilities.
• The collaboration is set to go live in early 2022, aligning with MoneyGram's growth strategy and digital expansion.

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• None.

DALLAS, Dec. 2, 2021 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of digital P2P payments, today announced its partnership with urpay to enable cross-border money transfers. urpay is a digital wallet powered by neoleap, the Saudi-based financial global digital solutions company with a mission to create the most powerful yet simple fintech solutions. The partnership enables urpay to connect to the Company's API-driven infrastructure and global network to provide its millions of users the ability to send money around the world.

"As the digitization of payments continues to accelerate around the world, innovative partnerships with companies like urpay are instrumental to our growth strategy and enable us to efficiently scale the number of payments we process through our platform," said Alex Holmes, MoneyGram Chairman and CEO. "We are thrilled to be joining forces to offer urpay's millions of users access to our leading cross-border payment capabilities. As we continue to expand our digital offerings and add more digital partners to our global network, MoneyGram's digital business will continue its incredibly strong growth trajectory."

"We are keen to innovate in our local and global partnerships and to be among the first enablers of smart digital banking solutions in the Kingdom," said Adel Al Rajhi, neoleap CEO. "We are aware of the market's need for reliable financial solutions with worldwide standards, and it is our main motive for forming such strategic partnerships. Under this cooperation, urpay customers will be able to transfer money easily and safely across the world, 24/7."

This strategic partnership builds upon the strong momentum MoneyGram has developed in the Middle East and further accelerates digital growth in one of the world's key outbound remittance countries.

"Alongside our strong existing relationships in the Middle East, this latest integration with urpay advances our leading customer-centric capabilities in the region," said Grant Lines, MoneyGram Chief Revenue Officer. "Further, MoneyGram continues to prove to be the preferred partner for cross-border payments. As companies around the world increasingly look to utilize our API-driven infrastructure, this integration through urpay will provide scale to its existing digital offerings and instant access to our cross-border payments and money transfer services."

The partnership is expected to be live for consumers in early 2022.

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 neoleap
neoleap is a Global Financial Digital Solutions Company, licensed by the Saudi Central Bank SAMA on 23 March 2021, specialized in FINTECH solutions that serve SMEs, large size businesses and individuals. With a vision to create the most powerful yet simplest fintech solutions locally and internationally.

neoleap was established with a mission to provide a full suite of payment solutions and value-added services through technological leadership and operational excellence as a trusted partner to financial institutions, merchants, and consumers, driving the Kingdom's 2030 vision of a cashless society.        

neoleap Media Contact
info@neoleap.com.sa 

 

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SOURCE MoneyGram

FAQ

What is the partnership between MoneyGram and urpay about?

MoneyGram has partnered with urpay to enable cross-border money transfers, allowing urpay users to access MoneyGram's global payment capabilities.

When will the MoneyGram and urpay partnership be live?

The partnership is expected to launch for consumers in early 2022.

How does the partnership benefit MoneyGram investors?

The partnership is expected to drive growth by expanding MoneyGram's digital offerings in the Middle East, enhancing its market presence.

What is the significance of the Middle East for MoneyGram?

The Middle East is a key region for outbound remittances, and this partnership strengthens MoneyGram's existing momentum in the area.

What technology does MoneyGram provide to urpay?

MoneyGram offers an API-driven infrastructure that facilitates global money transfers for urpay's users.