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MoneyGram's Deal In South Korea With Sentbe Boosts Shares

Tanzeel Akhtar

MoneyGram (NASDAQ: MGI) shares are trading higher after the company said it signed a partnership with Sentbe.

Sentbe is a money transfer startup in South Korea. The partnership will make it the first MoneyGram virtual agent in the region.

"Enhancing our product offering in South Korea is a strategic move that accelerates our digital transformation in the region," said MoneyGram head of APAC and South Asia, Yogesh Sangle. "With an increasing number of foreign residents and growing numbers of working populations from neighboring Asian countries, working with Sentbe will further improve financial inclusion in South Korea and we are proud to share a legacy of customer commitment through this collaboration."

MoneyGram shares traded higher by 7% at $2.16 at time of publication.

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