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MoneyGram Expands Relationship With CIMB Banking Group

MoneyGram (NASDAQ: MGI), a leading global money transfer company, and CIMB Bank Singapore have reached an agreement to offer international money transfer services at the CIMB Bank Currency Exchange outlets at Resorts World Sentosa and the Marina Bay Cruise Centre, bringing increased accessibility of funds transfer services to customers.

CIMB Bank Singapore is part of the CIMB Group, a leading ASEAN universal bank with the most extensive retail branch network in the region of more than 1,000 branches. The addition of CIMB Bank Singapore to the MoneyGram agent network presents incremental growth opportunities for MoneyGram.

“Adding CIMB Bank Singapore to our network is an important step for us as we provide more access to affordable money transfer services to those who rely on funds transfer services for their daily needs,” said Grant Lines, senior vice president, APAC, Southeast Asia and Middle East at MoneyGram.

According to the World Bank, an estimated $6.6 billion in remittances flowed out of Singapore in 2011. To meet the growing demands for a reliable money transfer service, MoneyGram has recently expanded in the region, in top corridors including India, Bangladesh and the Philippines.

“We are pleased that our relationship with MoneyGram will widen the range of remittance services on offer at our Currency Exchange outlets and allow us to better cater to customer segments that require such services,” said Coreen Kwan, head of retail banking, CIMB Bank Singapore.

The addition of the two CIMB Bank Currency Exchange outlets increases the MoneyGram network in Singapore. Customers can easily send or receive money at any of these locations by submitting the relevant ‘send’ or ‘receive’ form and providing photo identification to complete the transfer.

About MoneyGram International

MoneyGram International, a leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers money transfer services worldwide through a global network of 327,000 agent locations -- including retailers, international post offices and financial institutions -- in nearly 200 countries and territories. MoneyGram also offers bill payment services in the United States and Canada. MoneyGram is listed on the NASDAQ Stock Exchange under the ticker symbol MGI. To learn more about money transfer or bill payment at an agent location or online, please visit moneygram.com or connect with us on Facebook.



Stock quotes in this article: MGI 

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