MoneyGram International has signed agreements with several domestic banks that will work as agents for its mainland service, the company said at its first Asia-Pacific conference in Shanghai today.
The world's second biggest remittance firm, which provides international money transfer service, has signed with Industrial and Commercial Bank of China, China CITIC Bank and Industrial Bank, and the company is also negotiating with some commercial banks in Nanjing.
It plans to invest more in China but the detailed figure hasn't been revealed.
The company entered the Chinese market in 2003 and set up an outlet in Shanghai in 2004.