MoneyGram partners with DongA Bank for Vietnam expansion

MoneyGram International expanded its presence in Vietnam by introducing the first money transfer platform with DongA Bank.

The company also launched other initiatives such as ‘Red Kiosks’ and home delivery in order to enhance its network in the region, which grew by 30 per cent in 2010, according to Zacks Equity Research.

The expansion is an attempt to tap the rapidly developing $400 billion global money transfer industry. In 2010, Vietnam received more than $7 billion in remittances, primarily sent from the US. Hence, MoneyGram intends to explore ample avenues in Vietnam for network expansion and transaction growth.

Besides, MoneyGram continues to explore new growth avenues in untested locations by incorporating the latest and flexible technology that facilitates transfers through mobile phones, prepaid cards or ATMs, in order to speed up its money transfer services

and enhance the remittance volumes. These efforts also help to boost the company’s competitive vigor, particularly against the steady global ramp of its arch-rival Western Union Co.