MoneyGram and Tencent Join Hands to Streamline Consumer Remittances By CIOTechOutlook Team

MoneyGram and Tencent Join Hands to Streamline Consumer Remittances

CIOTechOutlook Team | Wednesday, 03 April 2024, 11:01 IST

MoneyGram Worldwide, a financial services company that interfaces the world's networks, declared an alliance with Tencent Financial Technology, the fintech division of Tencent. The alliance empowers consumers to send assets through MoneyGram. On the web, MoneyGram drives direct-to-buyer sites and applications to beneficiaries' Weixin Pay wallet, a main payment and computerized wallet service in China.

"As consumers increasingly seek frictionless digital payout options, MoneyGram continues to roll out customer-centric solutions around the world," said John Gely, MoneyGram Regional Head of Asia Pacific and South Asia. "MoneyGram has grown to serve over 150 million people in the last five years, and our business in now digitally enabled in more than 150 countries. Through this partnership with Tencent Financial Technology, we are proud to offer this fast, easy and reliable method to receive money in a market that so heavily relies on remittances."

As per the World Bank, China got $51 billion in settlements in 2022, positioning the third most noteworthy country for settlements in the world. As China has one of the world's biggest web client bases and has encountered an increase in online business and mobile installments, consumers are progressively looking for computerized strategies as an endpoint in cross-line moves. Through buyer-driven coordinated efforts, for example, the organization declared today that MoneyGram fulfills customer needs.

"In today's ever more interconnected world, our unwavering commitment to facilitating seamless cross-border transactions remains a central focus of our global initiatives," said Royal Chen, Vice President of Tencent Financial Technology. "With our new partnership with MoneyGram, we are working together to take significant strides toward fortifying global connections and empowering individuals and families as well as simplifying remittance such that it's as effortless as sending a message."