AP News

MoneyGram renews deal with Vietnam's Vietcombank

DALLAS (AP) — MoneyGram International Inc. said Wednesday that it renewed its contract with Vietnam's Vietcombank.

Financial terms were not disclosed.

The renewal includes an expanded money transfer service allowing customers in Vietnam to send and receive money transfers at nearly 400 Vietcombank offices. Previously, customers could only receive funds.

An estimated 2.2 million Vietnamese citizens are studying, traveling and working abroad, boosting demand for these kinds of services, MoneyGram said.

MoneyGram has partnered with Vietcombank for 18 years.

MoneyGram shares rose 16 cents to $16.48 in afternoon trading.

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