US-based money transfer company MoneyGram has expanded its mobile wallet network in Asia through the integration with Bangladesh's mobile financial service provider (MFS) bKash.
This is the latest integration as part of MoneyGram's ongoing partnership with Thunes, a B2B company that powers payments for businesses.
With this launch, around 56 million bKash wallet users in Bangladesh will now be able to receive funds instantly from around the world through nine local bank accounts, retail partners, and other digital methods.
An estimated $22 billion flowed into Bangladesh in the form of remittances in 2020, accounting for almost 7 per cent of the country's total economic output in the year, according to the World Bank.
Across many areas of the world, especially in parts of Asia, remittances remain a vital role in consumer lives, while demand for digital options and mobile wallets continues to surge.
"The digitisation of our receive network is a core component of our growth strategy, and this latest integration can help improve the financial lives of around 56 million bKash wallet users in a large and growing market," said Alex Holmes, MoneyGram chairman and CEO.
"As we recently announced, total transactions received digitally through the MoneyGram platform reached a new all-time high in the third quarter of this year, with 63 per cent year-over-year growth, and this partnership will further support this strong growth."
"We believe that access to fast and affordable global payments is one of the basic human rights and that technology can help us achieve it," said Peter De Caluwe, CEO of Thunes.
"We are glad to partner with MoneyGram and bKash to get us one step closer to that vision and enable seamless digital payments to the vibrant Bangladeshi community."