MoneyGram's CEO Anthony Soohoo outlines the company's blockchain strategy to enhance payment systems.
In a recent interview, Anthony Soohoo, the CEO of MoneyGram, discussed the company's evolving approach to blockchain technology, which has transitioned from initial trials to a comprehensive strategy designed to modernize its global payment infrastructure. This initiative aims to expedite cross-border payments while making them more affordable and user-friendly, all without requiring customers to engage directly with the technology.
Soohoo emphasized that the primary goal is to improve efficiency in operations, stating, "The question is what our customers need and how we can address that for them." The remittance service, which serves around 60 million active users, recognizes that traditional cross-border payments are often slow and costly, typically taking several days and involving multiple intermediaries. By leveraging blockchain, MoneyGram seeks to streamline these processes, allowing for real-time settlements and reduced operational costs, which they hope to pass on to customers.
MoneyGram's collaboration with the Stellar network has been central to its blockchain projects over the last five years. However, the company is also expanding its blockchain footprint by taking validator roles on Solana and Tempo, viewing its MGUSD stablecoin as a means to offer additional financial services within its ecosystem. Soohoo noted that the focus is not on speculative trading but rather on replacing outdated financial systems with more efficient solutions.
