MoneyGram and Tencent Financial Technology Announce New Partnership to Enable Digital Remittances to Weixin Pay Wallet Users across China

MoneyGram International, Inc., (“MoneyGram”), a leading global financial technology company that connects the world’s communities, and Tencent Financial Technology, the fintech division of Tencent, announced a new partnership. The partnership enables consumers to send funds through MoneyGram Online, MoneyGram’s leading direct-to-consumer website and app, directly to recipients’ Weixin Pay wallet, a leading payment and digital wallet service in China.

According to the World Bank, China received $51 billion in remittances in 2022, ranking the third highest receive country for remittances in the world. As China has one of the world’s largest internet user bases and has experienced a surge in e-commerce and mobile payments, consumers are increasingly seeking digital methods as an end point in cross-border transfers.

“As consumers increasingly seek frictionless digital payout options, MoneyGram continues to roll out customer-centric solutions around the world,” said John Gely, MoneyGram Regional Head of Asia Pacific and South Asia. “MoneyGram has grown to serve over 150 million people in the last five years, and our business in now digitally enabled in more than 150 countries. Through this partnership with Tencent Financial Technology, we are proud to offer this fast, easy and reliable method to receive money in a market that so heavily relies on remittances.”

“In today’s ever more interconnected world, our unwavering commitment to facilitating seamless cross-border transactions remains a central focus of our global initiatives,” said Royal Chen, Vice President of Tencent Financial Technology. " Through our cross-border payment business, Tenpay Global, users with personal remittance needs are able to send money to Weixin users via over 40 remittance partners in more than 60 countries and territories. With our new partnership with MoneyGram, we are working together to take significant strides toward fortifying global connections and empowering individuals and families - as well as simplifying remittance such that it’s as effortless as sending a message.”