MoneyGram, a global money transfer company, has signed an agreement with Shinhan Bank, a national bank in South Korea and part of the Shinhan Financial Group, to offer MoneyGram money transfer services across the bank’s network of 850 branch locations. The company has said that the agreement nearly doubles MoneyGram’s agent network in South Korea.
Reportedly, the alliance provides customers in South Korea with more options for money transfer services. MoneyGram with nearly 17,000 agent locations in the Asia Pacific region, has been providing services in South Korea since 2001 through agents Woori Bank and Kyongnam Bank.
Anthony Ryan, president and CEO of MoneyGram, said: “We are focused on international expansion and growing our distribution network in key markets. South Korea represents an immense opportunity as the market is estimated to be more than $6 billion and remittances sent to the country tripled last year, according to the World Bank.”
Oh Se-Jun, senior assistant manager of Shinhan Bank, said: “The addition of MoneyGram money transfer services is another opportunity to diversify our offering and provide our customers and any member of the community a convenient and reliable way to transfer or collect funds from our branch locations.”
