World funds community MoneyGram has joined forces with tiqmo, a Saudi Arabia-based monetary app, to allow tiqmo customers to ship worldwide cash transfers to over 200 nations and territories.
Leveraging the worldwide MoneyGram community, tiqmo is about to supply its prospects entry to over 5 billion digital endpoints and over 480,000 MoneyGram places worldwide, supporting ship and obtain choices in over 120 currencies.
Licensed by the Saudi Central Financial institution, tiqmo has rapidly established itself as one of many fastest-growing apps in Saudi Arabia, having launched in 2024. Since then, tiqmo has quickly established itself as a trusted digital pockets in Saudi Arabia, and throughout the Center East and North Africa (MENA) area.
Having already amassed tens of millions of customers, tiqmo says it chosen MoneyGram as its cross-border funds associate because of the breadth of its intensive world attain, trusted infrastructure and powerful footprint in Saudi Arabia – one of many world’s largest remittance markets.
“We imagine that our partnership with MoneyGram will strengthen tiqmo’s portfolio of worldwide monetary companies and join our prospects with a cost model recognized world wide,” defined Abdulaziz Al Ajlan, managing director at tiqmo. “Consistent with Imaginative and prescient 2030 and the Kingdom’s digital transformation aims and in pursuit of our aim to redefine digital monetary companies, we’re delighted to welcome MoneyGram into our world-class digital funds ecosystem for the MENA monetary companies and market.”
Supporting Saudi Arabia’s outward remittances
The brand new MoneyGram-enabled service is now stay and obtainable to all tiqmo customers in Saudi Arabia. In response to the World Financial institution, Saudi Arabia was the second-largest sender of remittances in 2022, with over $39billion flowing overseas. This new service is anticipated to learn prospects sending cash to prime recipient nations, resembling India, Pakistan, Bangladesh, the Philippines, Egypt, Indonesia and Nepal.
“This partnership displays MoneyGram’s management in enabling digital cross-border funds and advancing monetary inclusion throughout the area,” Ahmed Aly, head of Center East, South Asia and Asia Pacific at MoneyGram, additionally added.
“By increasing our digital community via this collaboration with tiqmo, one of many Kingdom’s most revolutionary and fast-growing wallets, we’re reinforcing our function as a key enabler of remittance innovation and supporting Saudi Arabia’s Imaginative and prescient 2030 in the direction of a extra inclusive and digitally empowered monetary ecosystem.”
