MoneyGram expands network with Sacombank

TN News

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MoneyGram International, a leading global money transfer company, is adding more than 250 locations across Vietnam with the help of local lender Sacombank.

"Vietnam is a leading recipient of global remittances and a country of significant focus for MoneyGram in 2010," said John Hempsey, the company's executive vice president of Europe, the Middle East, Africa and Asia Pacific, in a statement.

Hempsey said Vietnam had unique remittance needs and the company aimed to provide money transfer services in all ways.

He said MoneyGram recently added mobile phone services to its network in the Philippines.

Many overseas Vietnamese send funds home to invest as well as to support their families.

The World Bank estimates that approximately $7 billion in remittances arrive in Vietnam each year, primarily from the United States and Canada, MoneyGram said.

Along with Sacombank, DongA Bank has also joined MoneyGram's agent network, providing money transfer services at its 130 branch locations.

The company is also developing services with Vietcombank, VIB, Maritime and Saigon banks.

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