Looking back at the 5-year win-win cooperation with MoneyGram and a common vision for the future

The transfer of remittances to Vietnam, a market valued at over $19 billion, has attracted the attention of numerous major international money transfer enterprises, including MoneyGram, a giant with nearly three decades of experience in the industry.

In light of this, MoneyGram made the strategic choice to collaborate with FinFan, the pioneer fintech company in Vietnam establishing an e-wallet aggregator for disbursements.

In this article, we will look back at the five-year journey of partnership between FinFan and MoneyGram.

Collaborative discussion and first impression of each other

During their initial discussion and in-depth exchange regarding their first collaboration plan, both FinFan and MoneyGram conveyed their mutual respect.

Specifically, Ms. Kamila Chytil, MoneyGram's Chief Operating Officer and leader of the company's digital business said “Partnering with FinFan, the leading fintech company in Vietnam is a critical component of our strategy to accelerate digital growth. We hope FinFan will increase the number of countries using existing digital services. And Vietnam is our next choice. FinFan, MoneyGram’s friend, makes us proud of its infrastructure and technology they bring to our service every day more modern and developed.”

On the opposite side, Mr. Tuyen Nguyen, CEO of FinFan, also had winged words for his strategic partner “Becoming a strategic partner of the world's leading payments company is what FinFan is very proud of. To become their partner, we evidently also prepare ourselves for a solid corridor, smart blockchain technology platform, and agency system expanding across Vietnam.”

5-year journey of cooperating with MoneyGram and great benefits for both parties

Thanks to MoneyGram's support, FinFan is expanding its global outreach. On the contrary, through the support provided by FinFan's API connection with domestic banks, MoneyGram is scaling its network to the Vietnamese market.

In today's scenario, customers no longer need to visit a physical MoneyGram counter to receive their money, as they now have the option to receive funds directly into their bank accounts, or e-wallets.

FinFan-MoneyGram - a common vision for the future

FinFan has been granted to disburse money into e-wallets as an Aggregator by integrating all e-wallets into one single API. Additionally, we have established partnerships with companies specializing in converting crypto to fiat like Tripple-A so that the shared vision of both MoneyGram and FinFan mainly revolves around the following key concerns:

• Optimizing money transfers to reach the final recipient's e-wallet E-wallets have emerged as an increasingly essential trend for payments and fund transfers in Vietnam. Despite a significant portion of the population still relying on cash, particularly those who are underbanked or unbanked, the proliferation of e-wallets is undeniable.

Enhancing the money-receiving system via e-wallets presents a strategic opportunity for FinFan and MoneyGram to tap into the GenZ demographic in Vietnam, known for their active engagement with technology.

Moreover, the prevalence of incentive programs for remittance recipients, notably through e-wallets like ZaloPay, presents a favorable scenario for MoneyGram and FinFan. Collaboratively, these parties can leverage these incentive programs to attract more remittances to Vietnam.

• Aiming for the future cryptocurrency market In addition to pioneering the creation of an aggregator for all e-wallets in Vietnam, FinFan has forged a partnership with a Singapore-based entity capable of facilitating the conversion of cryptocurrency into fiat for transfers into the Vietnamese market.

Additionally, MoneyGram's recent collaboration with Stellar, which involves investment in the company's cryptocurrency division, underscores MoneyGram's ambitions for expansion into this emerging market

As a result, both parties' shared vision for the future leans heavily towards the cryptocurrency sector, with a specific focus on transferring USDC into Vietnam.

It is hoped that the strategic partnership between FinFan and MoneyGram will continue to yield success in the future, allowing both entities to fulfill their mutual aspirations of advancing and modernizing the remittance transfer and receipt market, making it more efficient and secure.