U.S. Markets closed

MoneyGram (MGI) Partners With Wing to Offer Mobile Services

Zacks Equity Research

MoneyGram International, Inc. 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 EQH, LendingClub Corporation LC and Global Life Incorporation 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%.

Free: Zacks’ Single Best Stock Set to Double

Today you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.

This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.

Download Free Report Now >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
LendingClub Corporation (LC) : Free Stock Analysis Report
 
MoneyGram International Inc. (MGI) : Free Stock Analysis Report
 
Globe Life Inc. (GL) : Free Stock Analysis Report
 
AXA Equitable Holdings, Inc. (EQH) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research