By Chris Wack
MoneyGram International Inc. shares were up 11% to $3.46 after it said it has entered into a strategic partnership with Al Rajhi Bank, the largest Islamic bank in the world, and Tahweel Al Rajhi, the remittances arm of Al Rajhi Bank, to provide money transfer services in Saudi Arabia.
The money-transfer company said the partnership covers both digital and walk-in channels and will enable strong customer growth in one of the world's largest remittance markets.
According to the World Bank, Saudi Arabia is home to over 11 million immigrants who send about $33.6 billion in remittances, making it the second-largest country for outbound flows. MoneyGram said it will work with Al Rajhi Bank to provide customers with multiple payout services including cash, account deposit and digital wallet capabilities.
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