The collaboration strengthens the digital footprint of MoneyGram in the Philippines, one of the world’s largest remittance markets.
MoneyGram has inked a partnership agreement with the Bank of the Philippine Islands, a move which will allow customers to send money directly to BPI bank accounts within minutes. The financial institution is the country’s first as well as largest bank, in terms of market capitalisation.
The collaboration strengthens remittance giant’s digital footprint in the Philippines, one of the world’s largest remittance markets. According to the World Bank, in 2015 over $28 billion flowed into the country—the figure constitutes for 9.6 percent of country’s GDP.
“Digital transaction platforms are driving financial inclusion in emerging markets around the globe. This partnership demonstrates our commitment to providing a seamless experience through innovative money transfer technology,” said Alex Lim, Regional Manager for the Philippines at MoneyGram.