MoneyGram payment service partner with South Korean fintech, Global Money Express Co., Ltd. Global Money Express customers now have access to the services of the MoneyGram platform. The payment service has been active in more than 200 countries around the world since the end of June.
The new partnership will be of particular interest to those who transfer funds from South Korea to China and South Asia. Thanks to MoneyGram’s collaboration with GME, the large payment service will increase its presence in the Korean region.
According to Camila Chytil, Chief Operating Officer of MoneyGram, the number of digital transactions in the company is increasing and a partnership with GME will only reinforce that.
In addition, this will enable the company to strengthen its presence in the South Korean market.
According to John Sung, CEO of Global Money Express Co, the partnership with MoneyGram will help the fintech company expand its reach worldwide and provide more competitive and improved services to our current and potential local customers.
In 2019, Ripple invested $ 50 million in the MoneyGram money transfer service. As a result of the deal, the fintech startup owned 9.95% of the payment services shares.
According to the California company’s CEO Alex Holmes, this partnership with Ripple will drive advances in traditional money transfers and digital assets. For the first time in history we have technical solutions for instant translation. The proven efficiency of the use of on-demand liquidity (ODL) was the reason for the expansion of the use of development.
Due to Ripple’s investments, the company’s management intends to increase XRP trading volume. Therefore, Ripple tokens are required for on-demand liquidity (ODL) transactions. With this technical solution, payment services can send transfers abroad via special channels in XRP if they are converted into the requested currency by the recipient.
Ripple’s other partner, UnionBank, has operated a network through which people who do not have access to the traditional financial system can receive money transfers from abroad.
As part of this initiative, UnionBank is expanding its existing partnership with the local cryptocurrency exchange Coins.ph, which works with cryptocurrency company Ripple and uses XRP as a payment guarantee so Filipinos can send and receive money quickly. Other money transfer companies have joined the UnionBank network: Dragonpay, Cebuana Lhuillier, LBC, PeraHub and Palawan Express.
As a result of Coins.ph’s partnership with UnionBank, Brad Garlinghouse will expand its presence in the Asia-Pacific region.
Last week it was announced that SBI Ripple Asia, a joint venture of SBI Holdings, the Japanese group of companies FI and Ripple, has started testing the technical solution for on-demand liquidity (ODL).