MoneyGram International, Inc. (NASDAQ: MGI) saw its shares dip slightly Monday, on announcing a new partnership with Beyon Money, the first financial super app in Bahrain, owned by leading telecommunications company Batelco.
Through this partnership with MoneyGram, consumers in Bahrain will be able to use the Beyon Money app to send money in near real-time to over 200 countries and territories around the world.
The Beyon Money super app enables consumers in Bahrain to connect to local bank accounts to review all transactions in one place, access financial insights to observe transactions and spending habits, and send money abroad to many countries around the world. This partnership with MoneyGram will complement the app's existing services by enhancing its remittance capabilities.
"Today's announcement with Beyon Money marks the latest partnership with a leading fintech seeking to access our global money transfer network," said CEO Alex Holmes. "Through strategic partnerships like these, organizations can leverage our core capabilities to quickly add services and scale, while we're able to increase payment volumes to create meaningful processing revenue in the years ahead."
MoneyGram's partnership with Beyon Money also builds upon the Company's several recent successes with digital partners across the Middle East, one of the world's largest and fastest-growing outbound remittance regions. According to the World Bank, outbound remittances from Bahrain in particular have been steadily increasing over the past 20 years.
MoneyGram, a global leader in the evolution of digital P2P payments, delivers innovative financial solutions to connect the world's communities
MGI shares gave up two cents to $10.57.
