The Western Union Company (NYSE: WU), a leader in global payments,
announced today the expansion of its services in Malaysia with the
launch of its dedicated business payments unit, Western Union Business
Solutions. In addition to its consumer-to-consumer money-transfer
service, Western Union will now provide corporate businesses,
particularly small- and medium-sized enterprises (SMEs), with
international payment and foreign-exchange products to improve their
cash flow and boost their ability to compete overseas.
“Malaysia is a fast-growing market and is quickly becoming an important
player in a key economic region,” said Kerry Agiasotis, global managing
director, Western Union Business Solutions. “SMEs are vital to the
Malaysian economy; they already contribute nearly one-third of GDP and
account for one-fifth of exports.1 Improving small firms’
access to financial services is crucial as Malaysia continues to advance
its economy, which is exactly what we are looking to do as we enter this
market.”
Western Union Business Solutions brings a unique product capability to
the Malaysian market, including the ability to manage international
payments online. Benefits include:
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Transparent, real-time market pricing and improved payments visibility
so companies know the exact amount of funds that will be received,
when, and at what price;
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Improved cash flow and forecasting tools, increasing users’ ability to
budget with confidence;
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Access to more than 130 currencies and the ability to send payments to
over 200 countries and territories worldwide, including local clearing
in 70+ currencies.
“Our goal is to use our extensive payment capabilities to help SMEs
operate more successfully on a global scale,” Agiasotis said. “We see
great opportunity in the market and are very excited to be launching our
business in Malaysia.”
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment
services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western
Union Business Solutions branded payment services, Western Union
provides consumers and businesses with fast, reliable and convenient
ways to send and receive money around the world, to send payments and to
purchase money orders. As of March 31, 2014, the Western Union, Vigo and
Orlandi Valuta branded services were offered through a combined network
of over 500,000 agent locations in 200 countries and territories and
over 100,000 ATMs. In 2013, The Western Union Company completed 242
million consumer-to-consumer transactions worldwide, moving $82 billion
of principal between consumers, and 459 million business payments. For
more information, visit www.westernunion.com.
1 Source: SME Masterplan 2012-2020 (http://www.smecorp.gov.my/vn2/node/190)
Copyright Business Wire 2014