Renowned money transfer platform, MoneyGram, has partnered with Digital Financial Services to provide eWallet services in the UAE.
According to the press release, MoneyGram – which is now Ripple-backed – entered a partnership with Digital Financial Services (DFS) – which is partly owned by Telecom company Etisalat and Dubai Islamic Bank.
The collaboration will open doors to over 200 countries for UAE users who wish to make international transfers “through an expansive network of mobile wallet operators, bank account deposit services, and walk-in locations,” says the release.
The eWallet is regulated and licensed by UAE’s apex bank, the Central Bank of the UAE. However, MoneyGram does not intend to stop there and will offer its eWallet services beyond the UAE. The company has plans to expand across the entire Middle East.
According to Grant Lines, MoneyGram’s Chief Revenue Officer, the UAE is the leading remittance country in the region and one of the biggest in the world. Launching the service in the UAE is a strategic move that is sure to lead the way for other countries in the Middle East.
For simplicity, users only need to have a valid Emirate ID and an active mobile line to register on the eWallet application.
In 2019, MoneyGram partnered with Ripple to provide an “on-demand liquidity” solution which will enable money transfers to be settled instantly.