MoneyGram, a US-based global payments network, has announced a partnership with tiqmo, a financial technology firm headquartered in Saudi Arabia.

The collaboration allows tiqmo users in the Kingdom to send international money transfers to more than 200 countries and territories through MoneyGram’s global infrastructure.

The integration gives tiqmo users access to over five billion digital endpoints and more than 480,000 MoneyGram locations worldwide, with support for transactions in over 120 currencies.

Customers will be able to send funds through a range of methods, including bank account and digital wallet transfers, mobile top-ups, cash pick-ups, and bill payments.

Launched in 2024, tiqmo is licensed by the Saudi Central Bank and has rapidly grown into a prominent digital wallet in Saudi Arabia and the wider Middle East and North Africa region.

The firm cited MoneyGram’s global reach and operational footprint in Saudi Arabia, one of the world’s largest remittance-sending countries, as key reasons for the partnership.

“We believe that our partnership with MoneyGram will strengthen tiqmo’s portfolio of international financial services and connect our customers with a payment brand known around the world,”

said Abdulaziz Al Ajlan, Managing Director at tiqmo.

“In line with Vision 2030 and the Kingdom’s digital transformation objectives and in pursuit of our goal to redefine digital financial services, we are delighted to welcome MoneyGram into our world-class digital payments ecosystem for the MENA financial services and marketplace.”

“This partnership reflects MoneyGram’s leadership in enabling digital cross-border payments and advancing financial inclusion across the region,”

said Ahmed Aly, Head of Middle East, South Asia & Asia Pacific at MoneyGram.

“By expanding our digital network through this collaboration with tiqmo – one of the Kingdom’s most innovative and fast-growing wallets – we are reinforcing our role as a key enabler of remittance innovation and supporting Saudi Arabia’s Vision 2030 towards a more inclusive and digital empowered financial ecosystem.”

According to the World Bank, Saudi Arabia was the second-largest source of remittances globally in 2022, with over US$39 billion sent abroad.

The new service is expected to serve users remitting funds to high-volume corridors, including India, Pakistan, Bangladesh, the Philippines, Egypt, Indonesia and Nepal.

The service is now available to all tiqmo users in Saudi Arabia.

Featured image credit: Edited by Fintech News Middle East, based on image by art studio ideas via Freepik