The agreement, which triples MoneyGram’s presence in this growing remittance market, follows the successful completion of a six-month pilot that ran in 240 Bank of China branch locations in Beijing.
MoneyGram will begin rolling out its money transfer services in Bank of China branches in key provinces across the southern and eastern coast in China beginning in January and will continue expanding throughout the bank’s network in the country in 2010 and 2011.
In addition, this new strategic alliance with Bank of China will create further opportunities for MoneyGram’s money transfer services in several other countries in the Asia Pacific region.
Pamela Patsley, chairman and CEO of MoneyGram, said: “This partnership brings significant benefits to MoneyGram, Bank of China and to the billions of people in this region. With more than $25bn in annual remittances, China is a critical focus for MoneyGram’s market expansion in 2010.”
