MoneyGram international, the world's second biggest remittance firm, has signed agreements with several banks in China, acting as agents for its mainland service, the company announced.

MoneyGram, provider of international money transfer service, has signed with Industrial and Commercial Bank of China, China CITIC Bank and Industial Bank, also negotiating with some commercial banks in Nanjing.

MoneyGram plans to increase investment in China mainland. China is expected to be the top one which receives the global migrant remittances this year.

The company entered the Chinese market in 2003 and set up an outlet in Shanghai in 2004.

China