Sulaiman Abdul Aziz Al Rajhi

MoneyGram Launches Partnership with Al Rajhi Bank to Transform Saudi Arabia Cross-Border Payments Market

Retrieved on: 
Thursday, June 4, 2020

DALLAS, June 4, 2020 /PRNewswire/ -- MoneyGram International, Inc.(NASDAQ:MGI), a global leader in cross-border P2P payments and money transfers, today announced that it has entered into a strategic partnership with Al Rajhi Bank, the largest Islamic bank in the world, and Tahweel Al Rajhi, the remittances arm of Al Rajhi Bank, to provide money transfer services in Saudi Arabia.

Key Points: 
  • DALLAS, June 4, 2020 /PRNewswire/ -- MoneyGram International, Inc.(NASDAQ:MGI), a global leader in cross-border P2P payments and money transfers, today announced that it has entered into a strategic partnership with Al Rajhi Bank, the largest Islamic bank in the world, and Tahweel Al Rajhi, the remittances arm of Al Rajhi Bank, to provide money transfer services in Saudi Arabia.
  • All of these markets are key recipients of transfers from Saudi Arabia, and consumers will now benefit from this customer-centric integration with Al Rajhi Bank."
  • Abdullah Al-Furaiji, Al Rajhi Bank Head of Remittance and Exchange Business said, "Al Rajhi Bank is the market leader in the Kingdom, and customer centricity is at the heart of all we do.
  • "MoneyGram is delighted to partner with Al Rajhi Bank a bank with the leading digital and physical remittance network in Saudi Arabia," said Ahmed Aly, Head of Middle East for MoneyGram.