MoneyGram Boosts Money Transfer Biz - Analyst Blog
19 9월 2012 - 1:15AM
Zacks
In an attempt to further expand its money transfer network,
MoneyGram International Inc. (MGI) announced a
strategic alliance with China’s leading China Guangfa Bank (CGB).
The company will now offer its money transfer services across the
132 branches of the bank located in China.
With the addition of CGB units, the company will now offer its
services through 14,000 agent locations only in China. Overall,
MoneyGram has a global network of more than 284,000 agent locations
in about 196 countries, which primarily include retailers,
international post offices and financial institutions.
Money transfer business remains the driving force for MoneyGram,
which has been spreading business across the globe through various
recognized financial institutions. Recently, the company has
partnered with Nova Bank in Bosnia, Banco Ganadero in Bolivia,
Vietcombank in Vietnam, UnionPay in China and Advance America – an
operating subsidiary of leading Mexican bank Grupo Elektra SA – to
bolster its position as one of the leading money transfer companies
in the world.
Meanwhile, the company is also enhancing its brand awareness by
developing user-friendly payment solutions that suit the new market
trends. With regard to this growth strategy, the company is making
efforts to expand its cash-to-account service to other banks as
well as add new online services.
Taking a step ahead, yesterday MoneyGram eased out quick money
transfers in Australian dollars in China. For this, the company has
encouraged branches of Bank of China, CITIC Bank and Industrial and
Commercial Bank of China to dole out payments in the required
currency. Over 12,000 locations of these banks have been
identified so far to kick start remittance from Australia, which
has about 320,000 Chinese immigrants, in to China without any
exchange fee.
Furthermore, MoneyGram continues to explore new growth avenues
in untested locations by incorporating 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. This growth strategy
also justifies management’s guidance of 7–9% top-line growth for
2012.
The aggressive business developments are also boosting
MoneyGram’s competitive edge, particularly against the steady
global growth of its arch-rival Western Union Co.
(WU), which recently announced its penetration into untapped
markets of Myanmar through an alliance with the Myanmar Oriental
Bank.
MoneyGram carries a Zacks Rank #3, which translates into a
short-term Hold rating and a long-term Neutral stance.
MONEYGRAM INTL (MGI): Free Stock Analysis Report
WESTERN UNION (WU): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Western Union (NYSE:WU)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Western Union (NYSE:WU)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024