MoneyGram (MGI) Partners With Wing To Offer Mobile Services

MoneyGram International, Inc. (NASDAQ:MGI) has announced partnership with Wing (Cambodia) Limited Specialised Bank to launch a New Mobile Wallet Service in Cambodia.

The launch of the mobile wallet will provide customers with a new service, which will enable funds to be deposited directly into customers’ mobile wallets. Further, customers will be able to transfer money across digital boundaries from anywhere with ease. The mobile wallet is likely to serve as a valuable asset for the under-banked in Cambodia.

This partnership will enable customers of MoneyGram to receive and send money easily through Wing Money mobile app. They will also be able to withdraw cash from 7,000 WING cash Xpress locations across the country.
Wing is committed toward improving the lives of Cambodians by providing them access to mobile financial services. The partnership has enabled Wing to expand global presence and provide Cambodians with best products and services.

In Cambodia, there has been an increase in funds repatriated by migrant workers, amounting to $1.4 billion in 2018. The money, which the Cambodian workers sent from Japan, accounted for 3.3%, while that from Malaysia was 2.5%. The rural people of Cambodia are primarily dependent on agriculture for income but increasing remittance is also helping them improve their financial condition.

Shares of this Zacks Rank #5 (Strong Sell) company have gained 31% year to date outperforming its industry's rally of 19.1%.

Stocks to Consider

Some better-ranked stocks in the same space include AXA Equitable Holdings Incorporation (NYSE:EQH) , LendingClub Corporation (NYSE:LC) and Global Life Incorporation (NYSE:GL) . While AXA Equitable Holdings sports a Zacks Rank #1 (Strong Buy), LendingClub and Global Life carries a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.

AXA Equitable Holdings Incorporation Holdings operates as a diversified financial services company worldwide. Its average four-quarter positive surprise is 12.40%.

Global Life provides various life and supplemental health insurance products, and annuities to lower middle to middle income households in the United States. It came up with average four-quarter positive surprise of 1.53%.

Lending Club operates an online lending marketplace platform that connects borrowers and investors in the United States. It came up with average four-quarter positive surprise of 235.00%.

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