SEOUL, South Korea--(BUSINESS WIRE)--MoneyGram International (NYSE:MGI), a leading global money transfer company, and Shinhan Bank, a leading national bank in South Korea and part of the Shinhan Financial Group (NYSE:SHG), announced today an alliance to offer MoneyGram money transfer services at nearly 850 Shinhan Bank branches, nearly doubling MoneyGram’s agent network in the country.
“International expansion is a key growth strategy for MoneyGram,” said John Hempsey, head of MoneyGram International in London. “South Korea represents an immense opportunity as remittances sent to the country tripled to an estimated $3 billion last year according to the World Bank. The market is estimated to be more than $6 billion balanced between funds sent in and out of the country. Expanding our network is essential to growing our business as the dynamics of remittances in South Korea continue to evolve.”
Mr. Oh, Se-Jun, senior assistant manager of Shinhan Bank said, “Our 17 million account holders have a range of financial needs and 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. MoneyGram is a perfect choice for Shinhan Bank as we share a concern for delivering the highest quality service to our customers.”
Nearly 850 Shinhan Bank branches have implemented MoneyGram’s advanced money transfer technology. A money transfer can be exchanged between Shinhan Bank and any of MoneyGram’s 180,000 global agent locations with funds arriving to be collected in 10 minutes during hours of operation.
Nick Cunnew, MoneyGram’s senior regional director for South Asia and Asia Pacific, said, “Our strategic alliance with a financial institution such as Shinhan Bank reflects an important milestone and significant opportunity for MoneyGram’s expansion plans in South Korea. Through Shinhan Bank’s impressive national network spanning urban cities and rural towns, MoneyGram is able to meet the needs of consumers in a changing remittance market."
The demand for money transfer services is driven by the growing number of increasingly mobile migrants seeking work and South Koreans studying, traveling and working abroad. The alliance between MoneyGram and Shinhan Bank provides customers in South Korea with more options for safe, convenient and reliable money transfer services. To send or receive money in South Korea, customers can walk into any MoneyGram agent location, complete a simple form and show a photo identification to collect or transfer funds. All fees are paid by the sender.
MoneyGram, with nearly 17,000 agent locations in the Asia Pacific region, has been providing services in South Korea since 2001. Agents in South Korea include Woori Bank and Kyongnam Bank. Sunday services at specific locations are also available for consumers to transfer money conveniently over the weekend. Shinhan Bank has weekend hours at two branches in Seoul and Ansan for foreign customers.
About MoneyGram International
MoneyGram International offers more control and more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading global provider of money transfer services, MoneyGram International helps consumers to safely send money around the world with funds arriving at available agent locations in as little as 10 minutes. Its global network is comprised of 180,000 agent locations in more than 190 countries and territories. MoneyGram’s convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer at an agent location, please visit www.moneygram.com.