Maybank, MoneyGram forge alliance

Malayan Banking Corp. (Maybank) has forged a strategic alliance with MoneyGram International Ltd., offering worldwide money transfer. The international remittance service will be available at Maybank branches and Bureau de Change that display the MoneyGram logo.

MoneyGram International is a leading global payment services company. Its major products and services include global money transfers, money orders and payment processing solutions for financial institutions and retail customers. It is a New York Stock Exchange listed company, with over $970 million in revenue in 2005.

Maybank senior executive vice president and head of retail financial services Datuk Johar Che Mat said that funds can be transferred person-to-person around the world in as little as 10 minutes, subject to the agent’s hours of operations and local regulations.

The sender or receiver need not require a bank account or credit card as cash is only used for the transaction. This means anyone can use the service. The application procedure is also simple and requires only some form of identification to send and receive the money.

"This service is therefore suited to anyone who wants to send money quickly to anyone overseas, particularly those who work overseas or those who require cash in an emergency. It gives peace of mind because it eliminates the risk associated with carrying cash across borders or using unauthorized money transfer services," the Maybank executive added.

Foreign workers, expatriates and local citizens in Malaysia can access MoneyGram’s international network, allowing customers to send cash to approximately 92,000 global money transfer agent locations in 170 countries and territories.

Meanwhile, MoneyGram International chief executive John Hempsey said in a statement that Malaysia is a key country for MoneyGram business both region-wide and globally.

"We have a good coverage in Indonesia, Philippines, India, Bangladesh, Sri Lanka, Nepal, and other South Asian and Middle East countries which have close connections with Malaysia. By focusing on these key corridors, we will develop the business and provide our customers with an affordable and secure way to send and receive money through Maybank," Hempsey added.

The new alliance complements Maybank’s SWIFT remittance services and the recently launched Maybank2u.com Foreign TT service, the first internet banking portal offering online overseas remittance to more than 50 countries worldwide.

"We are also strong in offering remittance services and cross border cash withdrawal services for the region with our own region link services covering Malaysia, Singapore, Brunei and the Philippines, Foreign Workers TT service, our exclusive remittance service to China, as well as MEPS Regional Link that allows Maybankard ATM access to over 1,000 ATMs in Indonesia," Datuk Johar added.