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.