The Company has been recognized for bringing real-world blockchain use case to life with first-of-its-kind global on/off-ramp service for digital wallets
This prestigious international awards program celebrates outstanding financial technology products and companies
DALLAS, March 27, 2023 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI) ("MoneyGram" or the "Company"), a leading global financial technology company that connects the world's communities, has been named winner of the "Best Use of Blockchain in FinTech" award at the 2023 FinTech Breakthrough Awards. This program is conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global fintech market today.
"We're thrilled to be recognized for our progressive innovation by this prestigious awards program for the world's leading fintechs," said Alex Holmes, MoneyGram Chairman and CEO. "At MoneyGram, we are proud of the work we're doing to pioneer cross-border payment innovation and excited about the new opportunities we're creating to connect the world's communities like never before."
This honor recognizes the Company's first-of-its-kind global on/off-ramp service for digital wallets on the Stellar blockchain network. Through an innovative partnership with the Stellar Development Foundation (SDF), the non-profit that supports the growth of the open-source public blockchain Stellar, MoneyGram is helping to solve one of digital currencies' biggest challenges: interoperability with the traditional financial system.
"The Stellar Development Foundation's mission is to create equitable access to the global financial system using blockchain technology," said Denelle Dixon, CEO and Executive Director of SDF. "Our collaboration with MoneyGram is a prime example of how we can remove friction and improve user choice and access to financial services, by recognizing our complementary strengths and working together to deliver new utility to the world."
By creating a bridge between digital assets and local currency, MoneyGram enables users to seamlessly move cash to cryptocurrency and back to cash again. Consumers who rely on cash for their livelihood can now access the digital economy by visiting participating MoneyGram retail locations worldwide. Also, for the first time, this partnership enables settlement with MoneyGram to occur in near-real-time utilizing Circle's USDC, a fully-reserved dollar digital currency.
"We believe that blockchain technology has potential to change how money moves around the world," continued Holmes. "One of the biggest hurdles we face in the cross-border payments industry is liquidity that's trapped due to pre-funding requirements and overnight settlement. However, settling through tokenization can ultimately streamline the current process and enhance efficiency, which creates an incredible amount of opportunity in the world of financial services."
The FinTech Breakthrough Awards is the premier awards program founded to recognize the fintech innovators, leaders and visionaries from around the world in a range of categories, including digital banking, personal finance, payments, investments and more.
"MoneyGram stood out as an organization that embraces self-disruption by integrating with next-generation technology to best serve their customers' growing digital needs," said James Johnson, Managing Director at FinTech Breakthrough. "Congratulations to MoneyGram on being our choice for the 'Best Use of Blockchain in FinTech' award!"
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 FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.
Media Contact
Sydney Schoolfield
media@moneygram.com
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SOURCE MoneyGram
