Global payment services firm Western Union is partnering with Du Xiaoman Financial (formerly FinTech Baidu Finance) to roll out real-time international money transfers to more Chinese bank accounts, the companies announced on Friday (Jan. 10).
The partnership will allow most people in China who have bank accounts to access real-time Western Union international money transfers via the Du Xiaoman Financial mobile app. Over 150 million use the app.
Global senders can tap Western Union’s resources in 75 countries, in addition to using the in-person agent network in 200 countries.
Jean Claude Farah, president of the Western Union Global Network, said the company is striving to create the leading network for money transfers and payments through “unique collaborations such as the integration with Du Xiaoman Financial’s app and its network of bank partners.”
He added that by working with partners across borders, “we are enabling cash-in to cash-out or account payout, from one bank account to another [and] from a debit card to a digital wallet.”
The growth in China will increase Western Union’s ability to collaborate with tech leaders worldwide by leveraging its core assets. China was ranked as the second-largest remittance receiver in 2018, according to The World Bank.
The Du Xiaoman Financial platform includes online credit, 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 of 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,” he said.
In October, Western Union said it would start expanding its cross-border platform into Asia. Recent partners joining the platform include Japan’s KYODAI Remittance and Korea’s Hanpass.
Western Union CEO Hikmet Ersek said that as their global expansion continues, they will evaluate 100 additional countries for real-time payment capability by the end of 2020.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More