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July 23, 2020

Western Union appoints NongHyup as a sub-agent to expand in South Korea

Western Union has expanded its partnership cooperation with NH Bank, through the appointment NongHyup (Agricultural Co-operative) as a sub-agent.

This partnership will enable customers in South Korea to send money in more than 200 countries and territories through Western Union.

The cross-border payment service is now available at select NongHyup locations.

The bank is planning to establish over 400 locations by end of this year, and 4,000 locations by 2024.

NongHyup president and CEO of cooperative banking unit Jaesik Lee said: “The ability to expand, gain customer trust, scale operations, and navigate a complex regulatory environment cross-border is reliant upon collaboration, and we are glad to do so with Western Union.

“We are glad to come together with Western Union, making the marketplace more inclusive by allowing communities up and down the economic ladder to access convenient money transfer services.”

Western Union has been a partner of NH Bank for more than 13 years, offering money transfer services at over 1,000 locations.

Through this extended partnership, Western Union will further expand its services to offer cross-border remittance services in more locations across the country.

Western Union Middle East and Asia Pacific head of network Sohini Rajola said: “At the heart of what we do at Western Union is the ability to connect people, allowing them to move money around the world, often within minutes.

“We are now experiencing a world where opportunities and growth are unlocked by new partnerships and we are excited to bring NongHyup onboard, enabling customers to conveniently connect with their families and loved ones back home.”

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