On 14th May 2020, MoneyGram Payment System, a subsidiary of MoneyGram International, global leader in P2P payments tied up with Federal Bank Limited, a private bank in India to provide the customers a cost-effective way to receive deposits directly in their bank accounts in India.
i.The Federal Bank has 15% share of the country’s remittance market and they expect a tie up with MoneyGram to boost up their business.
ii.This tie-up will provide the non-resident Indians with access to modern, low cost, fast, easy and reliable ways for transferring money to India.
iii.This partnership will help the people to send and receive money to their families in the COVID-19 pandemic situation.
iv.The World Bank has mentioned that India is one of the world’s top recipients of remittance who has received around 82 billion USD in 2019.
About Federal Bank:
Founder- Kulangar Paulo Hormis
Chairperson- Grace Elizabeth Koshie
MD & CEO- Shyam Srinivasan
Headquarters- Aluva, Kerala
Formed on- April 23, 1931
About MoneyGram Payment System:
Chairman & CEO- W. Alexander Holmes
CFO- Larry Angelilli
Founded in- 1988