The Nasdaq-listed MoneyGram International, a global leader in cross-border P2P payments and money transfers, has entered into a strategic partnership with LuLu Money, a non-banking finance entity dealing primarily in foreign exchange and global money transfers.

The new agreement will extend the MoneyGram and LuLu Money presence in the Asia-Pacific region and Oman, as MoneyGram money transfers will be available through an extensive network of LuLu Money branches, liaison offices, and more than 50,000 agents.

LuLu Money will utilise the MoneyGram API-driven platform to gain access to leading consumer-centric capabilities and further its global network. The partnership is slated to capture the majority of the market share in these locations and the digital transformation will complement LuLu Money to help with customer acquisition and business volume growth, according to a statement.

Currently, remittance outflows to East Asia and the Pacific account for $149bn and are forecasted to increase in the coming years.

"This partnership will revolutionise how the region manages its high volume of remittances, launching unique services into the market, changing the way people approach digital transactions and remittances. We believe this marks a new era for digital money transfers and remittances in the Asia-Pacific region and the world," said Adeeb Ahmed, managing director of LuLu Financial Group.

Alex Holmes, chairman and chief executive of MoneyGram, said LuLu Money has made a major push to digitise its money transfer business through this partnership.

"MoneyGram looks forward to working with them to create new innovative products and services that extend our digital reach and bring financial inclusion to customers throughout the Asia-Pacific market,” he said.