dLocal, a cross-border payment platform focused on emerging markets, announced a new partnership with MoneyGram, a global financial technology company.

The partnership aims to support MoneyGram in expanding its services across the Asia-Pacific (APAC) Asia-Pacific (APAC) The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or Read this Term and Europe, the Middle East, and Africa (EMEA) regions. Future expansion is planned for Latin America (LATAM). The collaboration will enhance MoneyGram's digital payment capabilities in these regions.

Cross-Border Costs Remain High

The partnership comes at a time when cross-border payment costs remain high. Data from the World Bank shows the global average cost for these transactions was 6.35% in the first quarter of 2024. Bank services, in particular, had the highest average cost at 12.66%.

“Our partnership with dLocal is another big step forward in our mission to reach consumers around the world with our leading cross-border payment services,” said Anna Greenwald, Chief Operating Officer at MoneyGram.

“With dLocal’s expertise in emerging markets and robust digital payout solutions, we’re positioned to elevate the remittance experience, delivering faster, more seamless transactions, for millions of people across key markets worldwide,” she added.

Partnership Lowers Payment Fees

According to MoneyGram, it has positioned itself as a low-cost option for cross-border payments Cross-Border Payments Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, bank Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, bank Read this Term. Company data shows that it offers an average fee of 2.9%, which is below the United Nations' target of reducing remittance fees to under 3% by 2030.

The partnership with dLocal will help MoneyGram streamline its operations by combining its global network with dLocal’s payout technology. This includes local payment options like digital wallets and bank accounts, which are expected to further lower costs for consumers.

“We're thrilled to join forces with MoneyGram, a true pioneer in the international money transfer space,” said Carlos Menendez, Chief Operating Officer at dLocal.

“Together, we’re pushing the boundaries of innovation, combining cutting-edge technology with deep local expertise to transform financial access in high-growth markets,” he continued. “This partnership is all about creating faster, smarter, and more inclusive payment experiences for millions of people across the globe.”