Global payments network MoneyGram has joined forces with tiqmo, a Saudi Arabia-based financial app, to enable tiqmo users to send international money transfers to over 200 countries and territories.
Leveraging the global MoneyGram network, tiqmo is set to offer its customers access to over five billion digital endpoints and over 480,000 MoneyGram locations worldwide, supporting send and receive options in over 120 currencies.
Licensed by the Saudi Central Bank, tiqmo has quickly established itself as one of the fastest-growing apps in Saudi Arabia, having launched in 2024. Since then, tiqmo has rapidly established itself as a trusted digital wallet in Saudi Arabia, and across the Middle East and North Africa (MENA) region.
Having already amassed millions of users, tiqmo says it selected MoneyGram as its cross-border payments partner due to the breadth of its extensive global reach, trusted infrastructure and strong footprint in Saudi Arabia – one of the world’s largest remittance markets.
“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,” explained 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.”
Supporting Saudi Arabia’s outward remittances
The new MoneyGram-enabled service is now live and available to all tiqmo users in Saudi Arabia. According to the World Bank, Saudi Arabia was the second-largest sender of remittances in 2022, with over $39billion flowing abroad. This new service is expected to benefit customers sending money to top recipient countries, such as India, Pakistan, Bangladesh, the Philippines, Egypt, Indonesia and Nepal.
“This partnership reflects MoneyGram’s leadership in enabling digital cross-border payments and advancing financial inclusion across the region,” Ahmed Aly, head of Middle East, South Asia and Asia Pacific at MoneyGram, also added.
“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 digitally empowered financial ecosystem.”
