The Company has been recognized for bringing
real-world blockchain use case to life with first-of-its-kind
global on/off-ramp service for digital wallets
This prestigious international awards program
celebrates outstanding financial technology products and
companies
DALLAS, March 27,
2023 /PRNewswire/ -- MoneyGram International, Inc.
(NASDAQ: MGI) ("MoneyGram" or the "Company"), a leading global
financial technology company that connects the world's
communities, has been named winner of the "Best Use of
Blockchain in FinTech" award at the 2023 FinTech Breakthrough
Awards. This program is conducted by FinTech Breakthrough, an
independent market intelligence organization that recognizes the
top companies, technologies and products in the global fintech
market today.
"We're thrilled to be recognized for our progressive innovation
by this prestigious awards program for the world's leading
fintechs," said Alex Holmes,
MoneyGram Chairman and CEO. "At MoneyGram, we are proud of the work
we're doing to pioneer cross-border payment innovation and excited
about the new opportunities we're creating to connect the world's
communities like never before."
This honor recognizes the Company's first-of-its-kind global
on/off-ramp service for digital wallets on the Stellar blockchain
network. Through an innovative partnership with the Stellar
Development Foundation (SDF), the non-profit that supports the
growth of the open-source public blockchain Stellar, MoneyGram is
helping to solve one of digital currencies' biggest challenges:
interoperability with the traditional financial system.
"The Stellar Development Foundation's mission is to create
equitable access to the global financial system using blockchain
technology," said Denelle Dixon, CEO
and Executive Director of SDF. "Our collaboration with MoneyGram is
a prime example of how we can remove friction and improve user
choice and access to financial services, by recognizing our
complementary strengths and working together to deliver new utility
to the world."
By creating a bridge between digital assets and local currency,
MoneyGram enables users to seamlessly move cash to
cryptocurrency and back to cash again. Consumers who
rely on cash for their livelihood can now access the digital
economy by visiting participating MoneyGram retail locations
worldwide. Also, for the first time, this partnership enables
settlement with MoneyGram to occur in near-real-time utilizing
Circle's USDC, a fully-reserved dollar digital currency.
"We believe that blockchain technology has potential to change
how money moves around the world," continued Holmes. "One of the
biggest hurdles we face in the cross-border payments industry is
liquidity that's trapped due to pre-funding requirements and
overnight settlement. However, settling through tokenization can
ultimately streamline the current process and enhance efficiency,
which creates an incredible amount of opportunity in the world of
financial services."
The FinTech Breakthrough Awards is the premier awards program
founded to recognize the fintech innovators, leaders and
visionaries from around the world in a range of categories,
including digital banking, personal finance, payments, investments
and more.
"MoneyGram stood out as an organization that embraces
self-disruption by integrating with next-generation technology to
best serve their customers' growing digital needs," said
James Johnson, Managing Director at
FinTech Breakthrough. "Congratulations to MoneyGram on being our
choice for the 'Best Use of Blockchain in FinTech' award!"
About MoneyGram International, Inc.
MoneyGram
International, Inc. is a global financial technology company that
enables consumers and businesses to move and manage money in nearly
every country around the world. Through its expansive set of
fintech offerings, MoneyGram provides millions of consumers
annually the ability to seamlessly send money home to family and
friends, store money in mobile wallets, and buy, sell and hold
cryptocurrencies on its industry-leading app. The Company's
innovative cross-border platform enables its customers to send
funds directly into bank accounts and mobile wallets or cash-in and
cash-out more than 135 currencies and numerous cryptocurrencies
through one of the largest cash distribution networks in the world.
Modern, mobile and API-driven, MoneyGram's white-labeled remittance
service also provides some of the world's top brands and
organizations the ability to disburse funds directly to their
consumer clients. Based in Dallas
and known for its strong corporate culture globally, MoneyGram has
been named a recipient of the Top Workplaces USA award for two consecutive years, an honor
based entirely on employee feedback.
About FinTech Breakthrough
Part of Tech
Breakthrough, a leading market intelligence and recognition
platform for technology innovation and leadership around the globe,
the FinTech Breakthrough Awards program is devoted to honoring
excellence in Financial Technologies and Services companies and
products. The FinTech Breakthrough Awards provide public
recognition for the achievements of FinTech companies and products
in categories including Payments, Personal Finance, Wealth
Management, Fraud Protection, Banking, Lending, RegTech, InsurTech
and more. For more information
visit FinTechBreakthrough.com.
Media Contact
Sydney
Schoolfield
media@moneygram.com
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SOURCE MoneyGram