MoneyGram and Tencent Financial Technology Partner to Revolutionize Cross-Border Remittances in China

MoneyGram International, Inc. and Tencent Financial Technology have partnered to offer consumers a new way to send funds directly to recipients’ Weixin Pay wallets in China. This collaboration comes as China ranks third in the world for remittances, with $51 billion received in 2022, according to the World Bank. With China’s large internet user base and growing use of e-commerce and mobile payments, there is an increasing demand for digital methods for cross-border transfers.

John Gely, MoneyGram’s Regional Head, met with Royal Chen, Vice President of Tencent Financial Technology, in Shenzhen to discuss potential business collaborations. Gely highlighted MoneyGram’s customer-centric solutions and its growth to serve over 150 million people globally in the last five years. The partnership between Tencent Financial Technology aims to provide a fast, easy, and reliable method for receiving money in a market heavily reliant on remittances.

Chen emphasized the importance of seamless cross-border transactions in today’s interconnected world. Tencent Financial Technology’s Tenpay Global allows users to send money through over 40 remittance partners in more than 60 countries and territories. The partnership with MoneyGram is a step towards strengthening global connections and simplifying remittance processes so that they can be as effortless as sending a message.