Agreement with Fuzhou RCB
MoneyGram has signed an agreement with Fuzhou Rural Commercial Bank (Fuzhou RCB). Based in Fuzhou, one of the largest cities in the Fujian province of China, the agreement enables convenient money transfer service access for both urban and rural Fuzhou residents, and Chinese expatriates sending funds back home to family in Fuzhou. Money transfer services are now available at all Fuzhou RCB locations.
“Our agreement with Fuzhou RCB, which has a longstanding reputation for trustworthy financial services in the country, is another step forward forMoneyGram in China,” said Grant Lines, senior vice president, Asia Pacific and Middle East, MoneyGram. “Consumers in both rural and urban areas around Fuzhou are now able to conveniently and quickly receive and transfer funds from loved ones around the world. Given the need for money transfer services for our consumers in this region, it is an area where we are happy to have an increasing footprint.”
China is the second largest receive country in the world with an estimated USD60 billion of money transfer receives, according to The World Bank. Overseas Chinese travel worldwide, supporting foreign direct investment that generates transfers to China from about 150 countries. Through MoneyGram’s addition of Fuzhou RCB to the network of 327,000 agent locations, overseas Chinese can now send funds to family and friends inFuzhou and outlying areas.
Related reading
Report: DLT, SWIFT gpi, Ripple and cryptos shape payments
The greatest impact of blockchain on payments is the acceleration of SWIFT gpi, according to Ed Adshead-Grant, general manager of payments, at ... read more
People moves: Token, Mid-Southern Bancorp, Ethereum and more
Token appoints new CTO San Francisco-based open banking platform provider Token appointed Gaurav Kohli as chief technology officer on January 29. As ... read more
Banks’ consumer engagement undergoing “fundamental shift”
The way that consumers are interacting with their banks is undergoing “a fundamental shift” towards digital, but the industry shouldn’t be too ... read more
Instant payments in a flash | podcast
Instant Payments are one of the latest developments in payments.
