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China Guangfa Bank joins MoneyGram agent network

MoneyGram, the US payment processor, has partnered with China Guangfa Bank (CGB), pursuant to which money transfer services will be available at all of CGB’s 132 banks across mainland China.

The money transfer services will be available through CGB at over 14,000 locations in China, strengthening MoneyGram’s growing network in China, said the firm.

MoneyGram Asia Pacific vice president Nick Cunnew said adding China Guangfa Bank to its network in China is an important step for the firm as it provides more access to affordable money transfer services to those who rely on remittances for their daily needs.

"Customers in all the provinces where MoneyGram services are available appreciate our ability to bring people closer through a reliable and convenient customer service," Cunnew added.

China is one of the attractive destinations for the money transfer firms, as the country boasts to be largest remittance markets in the world, receiving payment largely from North America and European nations.

CGB manages 544 branches covering about 40 cities and towns in mainland China and offers a range of financial services including personal and corporate banking, asset management, wealth management, broker-dealer and advisory services, issuance services, and treasury services.

MoneyGram caters money transfer services globally and bill payment services in the US and Canada through a global network of more than 284,000 agent locations comprising retailers, international post offices and financial institutions.