Xpress Money, a global money transfer company, reached a deal with Brazilian foreign exchange broker Confidence Corretora De Câmbio to expand its presence in Latin America.
"Our partnership with Confidence Câmbio is part of our strategic framework to aggressively expand our footprint in Latin America. Brazil is an important market from a remittance perspective as it not only sends out large volumes of money, but is also a big recipient of money coming into the country," said Xpress Money COO Sudhesh Giriyan.
Brazil received remittance inflows of US$2.7bn last year, while Latin America and the Caribbean received US$73bn, a nearly 7% increase from 2015, according to the World Bank.
With the partnership, Xpress Money now has a network of over 50,000 locations in Latin America.