MoneyGram an American money transfer company based in the United States with headquarters in Dallas, Texas. It has an operations center in St. Louis Park, Minnesota and regional and local offices around the world. MoneyGram businesses are divided into two categories: Global Funds Transfers and Financial Paper Products. The company provides its service to individuals and businesses through a network of agents and financial institutions.
Moneygram has announced today that they have recently signed a deal with Abu Dhabi-based financial services giant Lulu Financial Holdings that boasts 200 branches worldwide. This deal will allow MoneyGram to expand its presence in the Asia-Pacific region. This region is responsible for $149 billion of remittance outflows. The Lulu Exchange will integrate Moneygram API in the upcoming weeks.
Alex Holmes, the CEO of MoneyGram stated:
“Lulu Money has made a major push to digitize its money transfer business through this partnership. MoneyGram looks forward to working with them to create new innovative products and services that extend our digital reach and bring financial inclusion to customers throughout the Asia-Pacific market.”
Ripple told us in November (article for xrpnews here) that they will be expanding to 3 different regions in the upcoming months and the Asian Pacific region was the 1st on the list. The Lulu Exchange told us that they will be integrating Moneygrams API in the next couple of weeks. Moneygram is already using ODL to Mexico and the Philippines and was supposed to expand to 4 more corridors by the end of 2019 that was not announced to the public. If we put two and two together the Asian Pacific region is going to be the next set of corridors that will be open. Time will tell, so stay tuned and keep your eyes on the Asian Pacific region.