Western Union to Enable Money Transfers to 150M Du Xiaoman Financial App Users in Chinaby Fintech News Hong Kong January 13, 2020
Western Union customers will now be able to have their money transfers to China accounts be paid out in real-time to majority of bank account holders — this is thanks to a partnership between Western Union, Du Xiaoman Financial and its network of bank partners.
With this, more than 150 million Du Xiaoman Financial app users can have account payout directed via their app, which they can use to route money transfers from any across the world into their bank accounts and receive funds in real-time.
Western Union said in a media statement that the expansion of account payouts in China further advances its “unique ability to partner with a growing base of national and international tech leaders”.
“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,”
Du Xiaoman Financial is a major provider of multiple digital finance 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.