Western Union (NYSE: WU) announced on Friday it has partnered with Du Xiaoman Financial (formerly fintech Baidu Finance) to launch Western Union international money transfers to be paid out in real-time into even more bank accounts in China. According to the duo, the account payout of any Western Union international money transfer can be directed through 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.”
Speaking about the expansion, Jean Claude Farah, President, Western Union Global Network, stated:
“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.”
Wan Tao, General Manager, Du Xiaoman Financial, added:
“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. 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.”