MoneyGram International (NASDAQ:MGI) CEO Alex Holmes joins Industry Focus Host Nick Sciple and Motley Fool contributor Luis Sanchez to take a look at the international remittances market (aka sending money across borders), how cryptocurrency is playing a role in the market, and more!
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This video was recorded on Oct. 27, 2021.
Nick Sciple: Welcome, everybody. I’m Nick Sciple. Joining me is Motley Fool contributor Luis Sanchez. Our guest today is Alex Holmes, Chairman and CEO of MoneyGram, a leading provider of cross-border payments and money transfers with operations in more than 200 countries worldwide. Alex, thanks for joining us today.
Alex Holmes: Yeah, absolutely. Thanks for having me, guys. Appreciate it.
Nick Sciple: Great to have you here with us. I gave a snippet intro on what your company does. But for somebody who hasn’t heard of MoneyGram, can you maybe give the high-level overview of what your company does and the customers that you serve.
Alex Holmes: Yes, it’s a great question and you did a really nice job with the intro, but fill in the blanks a little bit. MoneyGram is known globally for its ability to send and receive money real-time, across border for basically anyone who needs that type of service effectively. There is about $700 billion plus and growing every year of money going basically from point A to point B, from country to country. Our primary constituent has always been first and second-generation migrant consumers. Those individuals who left one home to migrate to another and effectively earn a better living, save money, send home, and support their family and their loved ones. Over the past decade, this industry, and MoneyGram in particular has gone through quite a large transformation. I would say that largely speaking, the business started as a cash-to-cash business. Today, we have over 400,000 physical points of presence but as digital has evolved, as consumer needs have changed, and obviously as the coronavirus pandemic has really kicked in in the past 18 months, we’ve seen a huge acceleration of digital. I would say MoneyGram no longer known for simply being a cash-to-cash-based money transfer business. About 30-33 percent of all of our transfers today are digitally enabled, and we do quite a bit of sends from both MoneyGram online across 37 different markets, and then a lot of receives are now sent directly into bank accounts or wallets. Effectively, if you are living in a country that’s …….