American money transfer company MoneyGram International is set to offer cross-border remittance services in Saudi Arabia.
The company joined forces with Al Rajhi Bank and its remittances arm Tahweel Al Rajhi to provide the services.
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The scope of partnership includes offering cross-border payment services through digital and walk-in channels.
With this partnership, MoneyGram seeks to tap the Saudi Arabian remittance market, the second largest in outbound flows.
According to the company, the kingdom hosts more than 11 million immigrants who transfer around $33.6bn in remittances.
MoneyGram chief revenue officer Grant Lines said: “This partnership is an important milestone that capitalises on recent strategic investments in major receive markets.
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By GlobalData“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 Remittance and Exchange Business head Abdullah Al-Furaiji said: “Al Rajhi Bank is the market leader in the Kingdom, and customer centricity is at the heart of all we do.
“Our alliance with MoneyGram will help our esteemed customers transfer their hard-earned money with ease and convenience to over 200 countries and territories.”
Last month, MoneyGram partnered with South Korean remittance firm E9Pay.
