South Korean fintech firm Global Money Express (GME) has partnered with MoneyGram International for cross-border money transfers.

The partnership will enable GME customers leverage MoneyGram platform and distribution network to send remittances.

According to MoneyGram International, the move will especially benefit the users who send funds to China and South Asian countries.

On the other hand, the partnership will further bolster MoneyGram’s presence in South Korean P2P payments and remittance market.

MoneyGram COO and its digital business leader Kamila Chytil said: “Partnering with leading fintech companies is a critical component of our strategy to accelerate digital growth.

“We recently reported 100% year-over-year digital transaction growth May. Our new partnership with GME, one of the fastest-growing fintech companies in a key market, will further support this strong digital growth.”

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By GlobalData

GME CEO John Sung said: “We are delighted to partner with MoneyGram in a rapidly changing, cross-border money transfer and payment market in Korea.

“The partnership with MoneyGram will help us expand our payout coverage globally and also provide more competitive and improved services to our current and potential customers here in South Korea.”

Headquartered in the US state of Texas, MoneyGram offers cross-border P2P payments and money transfers services.

Recently, the company partnered with Al Rajhi Bank and its remittances arm Tahweel Al Rajhi to offer cross-border money transfer services in Saudi Arabia.