MoneyGram (MGI), a global money transfer and payment services company, has announced an agreement with Postal Savings Bank of China Co. Ltd (PSBC), a large commercial retail bank in China, to provide money transfer services in over 3,700 locations.
With the addition of PSBC to MoneyGram’s agent network, and the rollout of MoneyGram’s money transfer services to mainland locations, services are now available at over 20,000 locations in China.
China is the second largest receive country in the world with an estimated $60 billion of money transfer receives in 2012, according to the World Bank. Chinese travelling worldwide, support foreign direct investments that generate transfers to China from approximately 150 countries. Through MoneyGram’s addition of PSBC, customers can now send funds to family and friends in all provinces in China.
"Adding the network of Postal Savings Bank of China is an important milestone for us as we provide more access to affordable money transfer services to those who rely on remittances for their daily needs," said Grant Lines, senior vice president for Asia Pacific, South Asia and Middle East at MoneyGram.
PSBC was part of China Post until its spin off in March 2007 as a separate entity. It is owned by China Post Group and has a strong network in the rural areas.
PSBC offers a broad range of financial services including micro financing to rural and urban customers, Small and Medium Enterprise, in-branch service, Internet banking, telephone banking and mobile banking.