MoneyGram’s New Partnership with Tencent Financial Technology: Streamlining Remittances for the Digital Age

MoneyGram International, Inc. is a leading global financial technology company that has recently announced a new partnership with Tencent Financial Technology, the fintech division of Tencent. This collaboration allows consumers to send funds directly through MoneyGram Online to recipients’ Weixin Pay wallet, which is a popular payment and digital wallet service in China.

China received $51 billion in remittances in 2022, making it the third highest receive country for remittances in the world. With a large internet user base and growing e-commerce and mobile payment trends, consumers in China are increasingly turning to digital methods for cross-border transfers.

In Shenzhen, John Gely, MoneyGram’s Regional Head of Asia Pacific and South Asia, met with Royal Chen, Vice President of Tencent Financial Technology, to discuss business collaborations. During their discussions, John Gely highlighted MoneyGram’s focus on customer-centric solutions in the rapidly evolving digital landscape, serving over 150 million people across more than 150 digitally enabled countries over the past five years.

Royal Chen emphasized the importance of facilitating seamless cross-border transactions through global initiatives. Through their cross-border payment business, Tenpay Global, users can now send money to Weixin users through over 40 remittance partners in more than 60 countries and territories. The partnership with MoneyGram aims to strengthen global connections and simplify remittance processes by making it as easy as sending a message.

Overall, this partnership between two leading companies in the financial technology industry has the potential to make international money transfers easier and more accessible for millions of consumers around the world.