MoneyGram International on Thursday (June 2) announced a partnership with Saudi Arabia-based mobile wallet Mobily Pay that will bring MoneyGram’s international money transfer capabilities to Mobily Pay, giving users the ability to send money around the world in near real time.
The latest launch adds to MoneyGram’s fleet of integrations for its white-label product that gives financial technology companies access its global money transfer network, according to a company press release.
Mobily Pay will add new services and scale to its suite of digital offerings, while MoneyGram will expand the number of payments it processes through its API-driven infrastructure, the press release says.
“The digitization of our global network is a core component of our growth strategy, and we continue to report exceptional results,” MoneyGram Chairman and CEO Alex Holmes said in the company press release.
“As mobile wallet adoption growth accelerates, digital partnerships with companies like Mobily Pay create tremendous value for consumers and strengthen our leading position in this fast-growing market,” he said.
MoneyGram’s integration with Mobily Pay accelerates both companies’ digital growth in one of the world’s largest remittance countries and fastest-growing mobile wallet markets.
“Thanks to this new strategic partnership, Mobily Pay users will be able to transfer money — to a bank account, digital wallet, or cash — through a global network of more than 200 countries and regions,” Ayman Aleissa, CEO of Mobily Pay, said in the joint announcement.
“This new partnership reflects Mobily’s strategic endeavors to deliver a superior user experience by providing comprehensive digital services that elevates the lifestyle of individuals and confirms Mobily’s keenness to continue supporting the digital transformation process in the Kingdom,” he said.
The partnership is expected to be live for consumers later this year, the announcement says.
In May, Bloomberg announced that MoneyGram will debut a service for users to convert stablecoins to hard currency in partnership with the Stellar blockchain.
The partnership will ensure that users with digital wallets on the Stellar blockchain can convert holdings into Circle’s USDC stablecoin and then cash out through MoneyGram.