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TheStreet Open House

MoneyGram Expands Relationship With Vietcombank, Adds New Service

Stocks in this article: MGI

MoneyGram (NYSE:MGI), a leading global money transfer company, announced today its contract renewal with Vietcombank, one of Vietnam’s leading banks. The renewal features an expanded money transfer service allowing customers in Vietnam to send and receive money transfers at nearly 400 Vietcombank transaction offices. Previously, customers could only receive funds. The renewal and addition of send services makes Vietcombank a full-service MoneyGram money transfer agent in Vietnam.

The addition of the send service builds on the nearly 18-year relationship between the two companies. Vietcombank initially offered customers the ability to receive money across MoneyGram’s global network of 284,000 agents in 196 countries and territories. With the renewed agreement, the addition of send service reflects an important milestone and significant advancement for MoneyGram’s remittance service in Vietnam and its relationship with Vietcombank.

“We have built a strong relationship with MoneyGram that benefits our customers,” said Nguyen Thu Ha, Deputy General Director, Vietcombank. “The combination of our local network spanning both urban and rural areas, and MoneyGram’s global network provides great value to our customers because it enables them to send and receive funds regardless of where they live or work.”

“Vietnam is a dynamic remittance market for foreign workers who need to send money to their families who rely on relatives working abroad to help support their living essentials and education expenses,” said Nick Cunnew, MoneyGram vice president for Asia Pacific. Vietcombank’s becoming a full-service representative enables MoneyGram to better serve the full range of our customers’ needs.”

According to the World Bank, Vietnam’s inbound remittance size was $9.2 billion for 2011. The demand of money transfer services is driven by the estimated 2.2 million Vietnamese citizens studying, traveling and working abroad. The launch of Vietcombank send service provides customers with more options for safe, convenient and reliable money transfer services.

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