MoneyGram International, Inc. and Tencent Financial Technology have announced a new partnership that allows consumers to send funds through MoneyGram Online directly to recipients’ Weixin Pay wallet in China. This collaboration comes as China ranks as the third highest receiving country for remittances, receiving $51 billion in 2022 according to the World Bank. With China’s large internet user base and increasing use of e-commerce and mobile payments, there is a growing demand for digital methods for cross-border transfers.
During a meeting in Shenzhen, John Gely, MoneyGram’s Regional Head, and Royal Chen, Vice President of Tencent Financial Technology discussed business collaborations. Gely highlighted MoneyGram’s customer-centric solutions and its growth to serve over 150 million people globally in the last five years. The partnership with Tencent Financial Technology aims to provide a fast, easy, and reliable method for receiving money in a market heavily reliant on remittances.
Chen emphasized the importance of seamless cross-border transactions in today’s interconnected world. Tencent Financial Technology’s Tenpay Global allows users to send money to Weixin users through over 40 remittance partners in more than 60 countries and territories. The partnership with MoneyGram is a step towards strengthening global connections and simplifying remittance processes to be as effortless as sending a message.
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