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MoneyGram (MGI) has formed a strategic partnership with Digital Wallet Corporation to enhance cross-border money transfers in Japan. Utilizing the Smiles mobile app, users can now send money globally via MoneyGram's advanced payment network. The service is operational as of now, aiming to tap into the expanding digital payment market. Both companies expressed optimism about the collaboration, which is part of MoneyGram's strategy of leveraging fintech partnerships to increase transaction volumes and processing revenue.
MoneyGram International (NASDAQ: MGI) has completed a strategic minority investment in Coinme, acquiring a 4% ownership stake. This investment concludes Coinme's Series A funding round and positions MoneyGram within one of the fastest-growing cryptocurrency companies. The partnership aims to further expand access to digital assets and enhance their cash-to-bitcoin service, which has opened new customer segments. MoneyGram's investment reflects its commitment to growth in the cryptocurrency sector, leveraging its extensive network to support Coinme's international expansion.
MoneyGram International has partnered with Paytm Payments Bank to enhance its global digital remittance network. This collaboration allows MoneyGram customers worldwide to send money in near real-time to Paytm Wallets in India, a leading market for remittances. The partnership aims to capitalize on the growing trend of digital transactions, with nearly 50% of transactions in India already received digitally. MoneyGram reports significant growth in digital transactions, marking a vital step in its expansion strategy.
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.
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.
MoneyGram International, a leader in digital P2P payments, will participate in investor meetings at the Northcoast Research Virtual Fall Management Forum on November 15, 2021. The event features CEO Alex Holmes and CFO Larry Angelilli. The company's innovative strategy has served nearly 150 million customers globally over five years, focusing on digital and mobile solutions. For meeting requests, contact Northcoast Research representatives.
MoneyGram International (NASDAQ: MGI) announced that its CEO Alex Holmes and CFO Larry Angelilli will participate in the Citi 2021 FinTech Virtual Conference on November 16, 2021, at 3:45 p.m. EST. The event will be accessible via webcast on the MoneyGram investor relations website. MoneyGram continues to lead the evolution of digital P2P payments with a customer-focused strategy, serving nearly 150 million people globally over the last five years through its innovative platform and services like MoneyGram Online and MoneyGram as a Service.
MoneyGram International (NASDAQ: MGI) announced a $15 million voluntary repayment of term loan principal and initiated a $50 million stock repurchase program. These measures aim to enhance the company's capital structure and reduce long-term debt. CFO Larry Angelilli emphasized the importance of these actions in improving financial strength and minimizing interest expenses. The repurchase program will be executed opportunistically, responding to market conditions and stock price depreciation, without any obligation to repurchase a specific number of shares.
MoneyGram International (NASDAQ: MGI) announced that CEO Alex Holmes and CFO Larry Angelilli will speak at the JP Morgan Ultimate Services Investor Conference on November 18, 2021, at 1:10 p.m. EST. The presentation will be accessible via webcast on MoneyGram's investor relations website. MoneyGram is a leader in digital P2P payments, serving nearly 150 million people globally through its mobile and API-driven platform, MoneyGram Online, and its retail network.
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