The partnership further accelerates both companies’ digital growth in Saudi Arabia. Credit: MoneyGram/PRNews Photo.

Moneygram International has signed a partnership to launch its international money transfer capabilities on Mobily Pay, the mobile wallet service of Saudi-based telecommunications and digital service provider Mobily.

The alliance will enable Mobily Pay to expand its current digital offerings with the addition of new services and allow its users to send money around the world in near real-time.

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The move follows the integration of MoneyGram’s white-label offering that helps financial technology companies to access its global money transfer network.

Mobily Pay CEO Ayman Aleissa said: “MoneyGram is one of the leading and most reliable international money transfer companies.

“Thanks to this new strategic partnership, Mobily Pay users will be able to transfer money – to a bank account, digital wallet, or cash – through a global network of more than 200 countries and regions.”

MoneyGram chairman and CEO Alex Holmes said: “We’re excited to partner with Mobily Pay to reach millions of new consumers in Saudi Arabia with our leading global network.

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“The digitisation of our global network is a core component of our growth strategy, and we continue to report exceptional results.”

The companies said that the partnership is set to go live for consumers later this year. 

Meanwhile, MoneyGram’s integration with Mobily Pay follows a number digital partnerships signed by the firm in the Middle East.

Last year, MoneyGram expanded its digital reach in the region by launching its international remittance capabilities on mobile wallet Pay+.

The firm also signed a five-year extension to its partnership with telecommunications operator Ooredoo Qatar to facilitate mobile money transfer services.