Money Gram Set to Start Global Cash Transfer Service in Shanghai

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Last updated at: (Beijing Time) Thursday, April 18, 2002

Money Gram Set to Start Global Cash Transfer Service in Shanghai

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Money Gram, one of the world's largest cash transfer companies, signed a contract on Wednesday with the Shanghai branch of the Industrial and Commercial Bank of China (ICBC) to start a global outward money transfer service in Shanghai.

Following the contract, the Shanghai branch of ICBC will open a global inward and outward service in nine branches. This service makes it possible for an international money transfer to reach the recipient in 10 minutes.

Eight years ago, Money Gram, boasting a network of more than 50,000 agencies in 150 countries and regions, started a 10-minute global inward cash transfer service in cooperation with the Shanghai branch of ICBC.

"China will become a key market for Money Gram and the future business volume in China will be huge," said Mohit Davar, CEO of Money Gram, adding that the company was seeking more partners and trying to expand its branches in China to 2,000.

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