Western Union Expands Bank Account Payout in China Via Du Xiaoman Financial Mobile App
January 10 2020 - 8:57AM
Business Wire
Western Union Global Money Transfers directed
into a Majority of Bank Accounts in China via the Du Xiaoman
Financial mobile app
Western Union, a leader in global cross-border, cross-currency
money movement and payments, and Du Xiaoman Financial (formerly
fintech Baidu Finance) and its network of bank partners, today
launched Western Union® international money transfers to be paid
out in real-time into even more bank accounts in China, with
coverage now extending to a majority of bank account holders across
China.
Account payout of any Western Union international money transfer
can be directed via the Du Xiaoman Financial mobile app. More than
150 million Du Xiaoman Financial mobile app users can now simply
route any money transfer received from across the world into their
bank accounts, and receive funds in real-time, with 24/7
convenience, via the app. Global senders may use Western Union’s
digital services in 75 countries plus territories, or the walk-in
Agent network across more than 200 countries and territories to
send an international transfer.
Expansion of the account payout in China further advances
Western Union’s unique ability to partner with a growing base of
national and international tech leaders by leveraging its core
assets – including global settlement capabilities, its vast
network, compliance and technology systems — to enable
international cross-border transfers with customer-facing
innovation.
“Western Union’s quest to build the world’s best money-moving
and payments network is made possible with unique collaborations
such as the integration with Du Xiaoman Financial’s app and its
network of bank partners,” said Jean Claude Farah, President,
Western Union Global Network.
“We are advancing our goal to comprehensively serve consumers
money movement and payment needs,” Farah said. “We are enabling
cash-in to cash-out or account payout; from one bank account to
another; from a debit card to a digital wallet. We are making this
happen by working with national and international partners across
borders and building the world’s ultimate agnostic network for
cross-border money movement and payments via a combination of
physical and digital touchpoints.”
Du Xiaoman Financial is a major provider of multiple online
services. Their platform includes online credit service, mobile
wallet, online payment and online wealth management services
“We are excited to expand our growing portfolio of online
services to enable our customers to direct all their international
money transfers quickly into their bank accounts in China, with our
network of bank partners,” said Wan Tao, General Manager, Du
Xiaoman Financial.
“Our collaboration with Western Union drives our strategic
vision of being a global leader enabling local and global
connectivity backed by our innovative technology. Money movement is
increasingly happening on digital channels and Western Union and Du
Xiaoman Financial with its network of bank partners are
facilitating this trend with an easy to navigate “in-app”
experience,” said Wan Tao.
China was ranked as the worlds’ second-largest remittance
receiver country in 2018, according to the World Bank.
CUSTOMER GUIDANCE
Registered Du Xiaoman financial mobile app users need to input
their preferred bank account details in order to receive money in
real-time into their account. Customers can receive up to USD7,000
per transaction.
WU-G
About Western Union
The Western Union Company (NYSE: WU) is a global leader in
cross-border, cross-currency money movement and payments. Our
omnichannel platform connects the digital and physical worlds and
makes it possible for consumers and businesses to send and receive
money and make payments with speed, ease, and reliability. As of
September 30, 2019, our network included over 550,000 retail agent
locations offering our branded services in more than 200 countries
and territories, with the capability to send money to billions of
accounts. Additionally, westernunion.com, our fastest growing
channel in 2018, is available in 75 countries, plus additional
territories, to move money around the world. With our global reach,
Western Union moves money for better, connecting family, friends
and businesses to enable financial inclusion and support economic
growth. For more information, visit www.westernunion.com.
About Du Xiaoman Financial
Du Xiaoman Financial, formerly named Baidu Finance, is a finTech
company. By the end of April 2019, it completed the financing,
unbundling, and started a rapid expansion in a more flexible way to
accommodate itself in the fintech industry. Later it launched a new
brand – Du Xiaoman Financial, and ‘Provide reliable financial
service through the power of technology’ became its mission since
then. The company and its affiliates dedicated its efforts in the
business of online payment services and online wealth management
platform, and online insurance service. Now they own third-party
payment license, internet micro loan license and insurance broker
license.
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version on businesswire.com: https://www.businesswire.com/news/home/20200110005293/en/
Western Union Global Pia De Lima;
pia.delima@wu.com Western Union Asia-Pacific Karen Santos;
Karen.Santos2@westernunion.com
Du Xiaoman Financial YAN JIN; yanjin@duxiaoman.com
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