MoneyGram Suspends Service in Russia

MoneyGram plans to quit offering its services in Russia over that country’s ongoing invasion of Ukraine, a company statement said Friday (March 11).

The statement noted that the company joins “many voices in expressing our hope for a swift and peaceful resolution to protect civilians across all impacted regions and will continue to assess the situation.”

MoneyGram said its top priority is the safety of its employees and agents, partners and families.

The company said it has been “in close contact” with colleagues that have been effected, and it will increase its support for Save the Children.

In addition, MoneyGram has also approved an emergency grant directed towards the Ukrainian Relief Fund, the statement said.

“MoneyGram services remain available in Ukraine — both for individuals to receive funds in-person or digitally directly to their bank account,” the statement said. “Every day we see more transactions sent to Ukraine and surrounding countries such as Poland as customers transfer money to their families who are increasingly in need during this crisis.”

See also: MoneyGram, Stellar Foundation Team with Techstars on a LatAm Blockchain Accelerator

PYMNTS wrote that MoneyGram has teamed with the Stellar Development Foundation to partner with Techstars, the global network helping entrepreneurs succeed through capital investments. They plan to launch a mentorship program aimed at the Latin American financial system, they said earlier this month.

A startup accelerator will select up to a dozen FinTechs for a 13-week immersion program in which they’ll work with mentors.

At the conclusion participants will present their vision for their companies to a group of FinTech investors and stakeholders.

“Blockchain and digital assets are changing the cross-border payments process, enabling people to almost instantly and cost-effectively send money internationally,” Denelle Dixon, Stellar’s CEO said in a statement. “We believe that we can improve access to the financial system for all participants, and we’re proud to work with MoneyGram and Techstars to empower the next generation of innovators to build a more inclusive and accessible cross-border payments system that takes full advantage of 21st-century technology.”