American money transfer company MoneyGram is set to launch a direct fund transfer service to mobile wallets in Cambodia.
To launch the service, the company has partnered local lender Wing (Cambodia).
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The move will enable MoneyGram customers to make online remittances and receive money through Wing Money mobile app. They can also obtain cash from 7,000 WING cash Xpress outlets in Cambodia.
MoneyGram president and CEO Alex Holmes said: “With 80% of our online transactions being made on a mobile device, we are looking to provide even more options for our customers using our digital platforms.
“Wing is at the forefront of mobile money and electronic payments, and this mobile wallet tool will serve as a valuable asset for the under-banked in Cambodia, allowing consumers to conveniently and reliably send money across digital boundaries from anywhere.”
Wing CEO Manu Rajan said: “Our partnership with MoneyGram has allowed us to increase our global presence and keep friends and family from around the world connected.
“MoneyGram is an innovative company and their omnichannel strategy helps give these customers more choice.”
Last year, remittances towards Cambodia amounted to $1.4bn, according to the National Bank of Cambodia data.
MoneyGram offers money transfer and payment services in more than 200 countries and territories.
Last month, the reports emerged that MoneyGram and PayPal are planning to bolster their footprint in India.
India’s remittance market is one of the largest globally with transfers amounting to $79bn.
