This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

MoneyGram Announces New Agent Agreement With Fuzhou Rural Commercial Bank

Stocks in this article: MGI

MoneyGram (NASDAQ: MGI), a leading global money transfer company, announced today that it has signed an agreement with Fuzhou Rural Commercial Bank (Fuzhou RCB). Based in Fuzhou, one of the largest cities in the Fujian province of China, the agreement enables convenient money transfer service access for both urban and rural Fuzhou residents, and Chinese expatriates sending funds back home to family in Fuzhou. Money transfer services are now available at all Fuzhou RCB locations.

“Our agreement with Fuzhou RCB, which has a longstanding reputation for trustworthy financial services in the country, is another step forward for MoneyGram in China,” said Grant Lines, senior vice president, Asia Pacific and Middle East, MoneyGram. “Consumers in both rural and urban areas around Fuzhou are now able to conveniently and quickly receive and transfer funds from loved ones around the world. Given the need for money transfer services for our consumers in this region, it is an area where we are happy to have an increasing footprint.”

China is the second largest receive country in the world with an estimated $60 billion of money transfer receives, according to The World Bank. Overseas Chinese travel worldwide, supporting foreign direct investment that generates transfers to China from about 150 countries. Through MoneyGram’s addition of Fuzhou RCB to the network of 327,000 agent locations, overseas Chinese can now send funds to family and friends in Fuzhou and outlying areas.

Formed in 2011, Fuzhou RCB was first established in 1951 as Fuzhou Rural Credit Union. The company is now one of one of the longest-running financial organizations in Fuzhou city, and is a nationally recognized brand in China, with an expansive countrywide reach. Fuzhou RCB also has future plans to expand networks to Fuqing city and Changle city, which are the country’s main native cities for overseas Chinese.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs