MoneyGram Launches New Business Line, MoneyGram as a Service, for Enterprise Customers
Next phase of digital transformation opens MoneyGram's leading global money transfer network and API-driven infrastructure to new business and use cases
Launch begins with successful integration of the G-Coin token to provide consumers a new way to access blockchain-based digital gold assets
DALLAS and HOUSTON, March 24, 2021 /PRNewswire/ -- MoneyGram International, Inc., a global leader in cross-border P2P payments and money transfers, today announced the launch of 'MoneyGram as a Service,' a new business line that enables other companies to access its leading global money transfer network through its powerful API-driven infrastructure and best-in-class technology. With this launch, enterprise customers can now leverage the Company's core capabilities as productized service offerings to meet their various business needs and quickly add services and scale. The new business line represents a significant growth opportunity for MoneyGram as it enters a market estimated to be $17 billion in 2024 with a CAGR of about 24% over the forecast period.
"Today, we enter the next phase of our digital transformation as we open our modern, mobile, and API-driven platform to new businesses and use cases by launching MoneyGram as a Service," said Alex Holmes, MoneyGram Chairman and CEO. "In response to strong market demand, we've developed this processing model to provide third-party access to our vast network, and we are thrilled to open our platform to G-Coin. This partnership is part of our strategy to capture new revenue by monetizing our capabilities, and we're excited about the innovative potential of blockchain-driven digital assets as we continue to lead the evolution of digital P2P payments."
The launch begins with the successful integration of a partnership with Emergent Technology Ltd, the owner and operator of the G-Coin digital token, to enable quick and easy cash funding and payout of the purchase and sale of digital gold. The partnership utilizes MoneyGram's new business line to provide consumers with expanded access to G-Coin tokens at thousands of new point-of-sale locations. G-Coin makes it possible for individuals to own fractions of a Responsible GoldTM kilobar to save, send, or spend gold like fiat currencies. G-Coin's digital innovation combined with MoneyGram's unique global platform will make digital assets more accessible to millions of consumers.
G-Coin Brings Gold into the Digital Age
A G-Coin token is the title of ownership to conflict-free and responsibly sourced gold that is stored in a secure vault. The one-to-one link between G-Coin tokens and physical gold effectively offers a stable instrument for currency hedging. G-Coin runs on a custom built, third generation blockchain that also provides a trusted ecosystem for a faster, Anti Money Laundering (AML) and Environmental, Social, and Governance (ESG) compliant medium of exchange.
"We created the G-Coin token to give physical gold utility and make it more accessible to the mass market, both as an alternative store of value as well as a stable medium of exchange", said Brent de Jong, Chairman and Founder of G-Coin. "This partnership with MoneyGram, a leader in global money transmission, confirms that digital assets are rapidly integrating into mainstream financial services and gives us the additional cash-in and cash-out infrastructure to reach global markets".
With a shared goal of financial inclusion, the MoneyGram and G-Coin integration provides customers who previously had few opportunities to own and utilize gold, with a fast and easy way to purchase or sell the digital gold token in cash. The MoneyGram retail footprint and cash-in and cash-out capabilities provide the infrastructure to make G-Coin accessible to millions. The service is planned to be available in select MoneyGram locations across the U.S. beginning in April, with plans to expand to international markets later in 2021.
To learn more, visit gcoin.com.
About MoneyGram International, Inc.
MoneyGram is leading the evolution of digital P2P payments. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people across the globe over the last five years.
The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, its global retail network and its emerging embedded finance business for enterprise customers, MoneyGram as a Service.
For more information, please visit ir.moneygram.com and follow @MoneyGram.
About Emergent Technology Ltd
Emergent Technology Ltd owns and operates the G-Coin™ digital token and the Responsible Gold™ ecosystem. The company develops and commercializes technology solutions, including asset tokenization, blockchain-based traceability, and artificial intelligence empowered identity solutions, for global payments and commodity supply chains. The QOS Protocol is a patent asset tokenization platform on which trusted participants build applications and services. The Responsible Gold Ecosystem – the first use case on the QOS Platform – provides the means for gold with irrefutable blockchain based provenance records that conforms to best practice ESG controls, to be digitally minted into G-Coin tokens that can be used to save, send, and spend Responsible Gold. The company operates in more than 60 high-growth markets across Asia-Pacific, Latin America, the Middle East and Africa. To learn more, visit www.emergenttechnology.com.
MoneyGram Media Contact
Stephen Reiff
[email protected]
Emergent Technology Holdings LP Media Contact
Patricia Soriano
[email protected]
SOURCE MoneyGram
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