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TheStreet Open House

MoneyGram Adds Merchantrade To Growing Agent Network

Stocks in this article: MGI

MoneyGram (NASDAQ:MGI), a leading global money transfer company, announced today that it has reached an agreement with Merchantrade, one of the fastest growing remittance companies in Malaysia, to offer international money transfer services at Merchantrade locations throughout the country.

The agreement increases MoneyGram’s presence in Malaysia and makes the company’s money transfer services easier for customers to access.

According to the World Bank, an estimated $7 billion in remittances flowed out of Malaysia in 2011. To meet the growing demands for a reliable money transfer service, MoneyGram has recently experienced growth in the region, with money transfer locations that now cover the eastern and western sides of the country.

“Adding Merchantrade to our network in Malaysia is an important step for us as we provide more access to affordable money transfer services to those who rely on remittances for their daily needs,” said Grant Lines, senior vice president, APAC, Southeast Asia and Middle East, MoneyGram. “The alliance with Merchantrade will also enable MoneyGram to soon launch a trusted online money transfer option in Malaysia, through Merchantrade’s online e-remit service, to give our customers more money transfer choices.”

Commenting on the new alliance, Ramasamy Veeran, managing director of Merchantrade Asia, said, "MoneyGram is the right choice for Merchantrade. Now, we can offer our customers a money transfer service that is affordable and reliable. Working with MoneyGram demonstrates our commitment to giving our valued customers the important services they need to send funds to their loved ones around the world.”

To send or receive money in Malaysia, customers can walk into any MoneyGram agent location, complete a simple form and show a photo identification to transfer funds. The funds will be ready to collect in as little as 10 minutes, subject to agent availability, hours of operation and local laws and regulations.

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