MoneyGram Expands Direct to Bank Account Services in South Korea

MoneyGram customers in South Korea can now receive funds from family and friends around the world in near real-time bank account services via WireBarley

Through MoneyGram's global payment rails, WireBarley customers can also now send money to over 200 countries and territories

SEOUL, South Korea, Sept. 20, 2023 /PRNewswire/ -- MoneyGram International, Inc. ("MoneyGram"), a leading global financial technology company that connects the world's communities, today announced the expansion of its direct to bank account services in South Korea through an integration with Asia's leading payment platform, WireBarley. With this launch, MoneyGram customers in South Korea can now receive funds from family and friends around the world in near real-time bank account services via WireBarley.

Through MoneyGram's global payment rails, WireBarley customers can also now send money to over 200 countries and territories around the world.

"The digitization of our receive network has always been a core component of our growth strategy," said Sam Darmawan, Regional Head of North Asia and Singapore at MoneyGram. "According to the World Bank1, inbound remittances to South Korea were nearly $8 billion USD in 2022 and continues to be a growing market. With our expanded digital receive services via our leading website and app as well as other mobile wallet and digital partners around the globe, we are well-positioned to serve the evolving needs of customers in South Korea and beyond."

"We are proud to be MoneyGram's exclusive partner to offer bank account deposits to vibrant South Korean locals and its community," said Jihong Kim, Chief Commercial Officer of WireBarley. "Leveraging our established network throughout the country, WireBarley looks forward to helping MoneyGram enhance its remittance offerings in South Korea."

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About MoneyGram International, Inc.
MoneyGram International, Inc. is a global financial technology company that enables consumers and businesses to move and manage money in nearly every country around the world. Through its expansive set of fintech offerings, MoneyGram provides millions of consumers annually the ability to seamlessly send money home to family and friends, and buy, sell and hold cryptocurrencies on its industry-leading app. The Company's innovative cross-border platform enables its customers to send funds directly into bank accounts and mobile wallets or cash-in and cash-out more than 135 currencies and numerous cryptocurrencies through one of the largest cash distribution networks in the world. Modern, mobile and API-driven, MoneyGram's white-labeled remittance service also provides some of the world's top brands and organizations the ability to disburse funds directly to their consumer clients. Based in Dallas and known for its strong corporate culture globally, MoneyGram has been named a recipient of the Top Workplaces USA award for two consecutive years, an honor based entirely on employee feedback.

MoneyGram Media Contact  media@moneygram.com

About WireBarley

Established in 2016, WireBarley Corp. grew exponentially with a strong foothold in the Asia Pacific region. WireBarley has further strengthened its presence as a global brand with its expansion into the U.S. and Canada markets, for the first time as a Korean overseas remittance company. Headquartered in South Korea, it has multiple subsidiaries overseas, namely Australia, New Zealand, Singapore, Hong Kong, and the U.S. WireBarley's FX and corporate treasury center in Hong Kong, which is one of the largest FX trading hubs in the world, plays a crucial role in enabling effective FX management and strong compliance practicality and formulating strategic partnerships with critical banks and payment players. With 7 outbound and 45 inbound countries, WireBarley currently offers over 520 corridors for personal remittance. The company adopted the B2B remittance platform, e-wallet service and multi-currency card; it seeks to be not only Asia's leading remittance company but to leap forward to become a global total payment platform. 

WireBarley Media Contact help@wirebarley.com 

[i] Remittances | KNOMAD