Moneygram just keeps on expanding. Today we get news that MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced that it has entered into a strategic partnership with Al Rajhi Bank, the largest Islamic bank in the world, and Tahweel Al Rajhi, the remittances arm of Al Rajhi Bank, to provide money transfer services in Saudi Arabia. The partnership covers both digital and walk-in channels and will enable strong customer growth in one of the world’s largest remittance markets.
This partnership provides MoneyGram with the industry’s largest physical and digital network in Saudi Arabia.
Grant Lines, MoneyGram Chief Revenue Officer stated:
“This partnership is an important milestone that capitalizes on recent strategic investments in major receive markets. Over the last few months, we’ve expanded with new partners in India, Egypt, Pakistan, and the Philippines to name a few. All of these markets are key recipients of transfers from Saudi Arabia, and consumers will now benefit from this customer-centric integration with Al Rajhi Bank.”
Al Rajhi Bank (ARB), the world’s largest Islamic Bank, has completed a secure, cross-border money transfer using Ripple Blockchain Technology. This successful transaction marks the first time the technology has been used in Saudi Arabia.
The recent transaction was a money transfer between Al Rajhi Bank’s Head Offices in Riyadh and Jordan. This milestone further highlights the technological integration of Al Rajhi Bank’s network and validates the Bank’s transformed customer experience and ongoing efforts to digitize customers’ banking experience. The Kingdom of Saudi Arabia is the 2nd leading country for remittance in the world. Al Rajhi Bank specifically is the leading bank in the region for remittances, with over 200 remittance centers across the Kingdom. The Bank is working closely with the Saudi Arabian Monetary Agency to make such technologies widely available to its retail and corporate customers.
Steve Bertamini, Chief Executive Officer, said:
“The blockchain initiative is part of Al Rajhi Bank’s Digital Transformation. This solution will deliver a best-in-class customer experience through reduced delivery times, lower cost and enhanced accuracy. We are committed to leading in this space by advancing new technologies for the benefit of our customers. ”
The stage is set for Ripple and MoneyGram to take over the middle east.