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MoneyGram International has partnered with Sigue Corporation to enhance its digital P2P payment services. The collaboration will allow Sigue's customers to utilize MoneyGram's comprehensive payment network, expanding both companies' market presence. MoneyGram's CEO, Alex Holmes, highlighted the potential for increased transaction volumes and revenue through this partnership, which forms part of MoneyGram's 'as a Service' business model. Sigue's CEO emphasized the strategic advantage gained from this integration, aiming to improve customer service and operational efficiency.
MoneyGram International (NASDAQ: MGI) has appointed Hilary Jackson as the new Chief Operating Officer, effective April 26, 2021. Jackson brings extensive experience from her previous role at Selene Holdings and executive positions at Capital One and Bank of America. Chairman and CEO Alex Holmes expressed excitement over Jackson's appointment, highlighting her success in technology and operations within the financial services sector. This leadership change is positioned to accelerate MoneyGram's digital transformation and enhance its position in the P2P payment market.
MoneyGram International has launched 'MoneyGram as a Service,' a new business line aimed at enabling companies to access its global money transfer network via an API-driven infrastructure. This initiative targets a market projected to reach $17 billion by 2024, with a compound annual growth rate (CAGR) of 24%.
The service begins with a partnership with Emergent Technology Ltd to facilitate transactions in G-Coin, a digital token representing ownership of responsibly sourced gold. The integration will enhance financial inclusion, allowing consumers easier access to purchase and sell digital gold.
MoneyGram International (MGI) has signed a partnership agreement to integrate its international money transfer services with Pay+, a mobile wallet by Ooredoo Oman and the National Bank of Oman. This move, set to launch next month, allows consumers in Oman to perform deposits, withdrawals, bill payments, and money transfers in near real-time, utilizing MoneyGram's extensive global network. The partnership aims to enhance MoneyGram's digital growth in the Middle East and respond to the increasing demand for mobile payment solutions.
MoneyGram International (NASDAQ: MGI) reported 118% year-over-year growth in cross-border transactions for February 2021 in its digital business, MoneyGram Online (MGO). This marks the fourteenth consecutive month of triple-digit growth. The digital segment now comprises 30% of total money transfer transactions, up from 18% in February 2020. The surge in digital growth is attributed to consumer demand for its mobile app, high retention rates, and the ability to send money directly to bank accounts. The company continues to focus on digital customer acquisition strategies for sustained growth.
MoneyGram International (NASDAQ: MGI) has announced a five-year extension of its partnership with Ooredoo Qatar, enhancing its digital remittance services. This renewal allows customers to send money in near real-time via Ooredoo Money Wallet, significantly benefiting the growing demand for digital payment solutions. Ooredoo was awarded "MoneyGram Global Agent of the Year" for impressive transaction growth in 2020. This collaboration underscores MoneyGram's commitment to digital transformation in the Middle Eastern market.
MoneyGram International, Inc. (NASDAQ: MGI) reported a strong start to 2021, achieving 137% year-over-year growth in cross-border transactions through its MoneyGram Online (MGO) platform for January. This marks thirteenth consecutive months of triple-digit growth. Additionally, app transactions surged 161% year-over-year, and digital transactions now represent a record 30% of total transactions. The positive results stem from a strong fourth quarter in 2020 and reflect sustained consumer demand, effective cost management, and increased market share.
MoneyGram International (NASDAQ: MGI) has appointed three new members to its Board of Directors as of February 23, 2021. The new directors are Alka Gupta, Francisco Lorca, and Julie E. Silcock, each bringing extensive experience in fintech, data services, and investment banking. This strategic move aims to enhance MoneyGram's expertise amid a successful digital transformation. Chairman Alex Holmes expressed confidence that their diverse backgrounds will strengthen the company's growth strategy in global money movement.
MoneyGram International (NASDAQ: MGI) reported strong fourth-quarter and full-year results for 2020, showcasing significant digital growth despite pandemic challenges. Highlights include a 100% year-over-year transaction growth in its MoneyGram Online (MGO) platform and digital revenue reaching $57.4 million, up 79% year-over-year. The company reported total revenue of $323.3 million for Q4, with net income of $7.3 million. Looking ahead, MGI anticipates approximately $300 million in revenue for Q1 2021, driven by its money transfer business, though offset by expected declines in investment revenue.
MoneyGram International (Nasdaq: MGI) announced the postponement of its fourth quarter and year-end financial results conference call, originally scheduled for February 22, 2021. The call will now take place at 9 a.m. ET on that date due to severe winter storms affecting Texas and other regions, which have caused power and internet outages. The company assures that its global service operations remain unaffected. Key executives will present the financial results, and additional information will be accessible on their investor relations website.
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