MoneyGram’s plans to expand its network in Malaysia are determined by an increase in migrant workers and foreign students to the country. Moreover, MoneyGram is to add payout options to include major currencies such as the EUR, GBP and USD.
MoneyGram has offered its services in Malaysia via the financial service provider Maybank since 2007. Beginning with 58 branches, Maybank has expanded its MoneyGram services to its more than 400 branch locations nationwide. In 2010, MoneyGram has seen a 30 percent increase in transaction volume.
MoneyGram currently operates in nearly 600 locations in Malaysia such as International Money Express (IME), Prabu Money Transfer, EZ Money Express and soon SMJ.
In 2010, the global remittance business has registered over USD 400 billion, up 6 percent over 2009. According to the World Bank, Malaysia has reported a remittance outflow of about USD 7 billion annually.
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