Western Union has partnered with Du Xiaoman Financial (formerly fintech Baidu Finance) to expand bank account payouts in China.
The collaboration will enable Du Xiaoman Financial mobile app users route Western Union international money transfers into their bank account. With services available 24/7, consumers can receive the funds in real time.
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More than 150 million people use the Du Xiaoman Financial mobile app.
Senders can utilise Western Union’s resources across 75 countries and territories to transfer funds. They can also use walk-in agent network to make the international transfers.
Western Union Global Network president Jean Claude Farah said: “We are advancing our goal to comprehensively serve consumers money movement and payment needs.
“We are enabling cash-in to cash-out or account payout; from one bank account to another; from a debit card to a digital wallet.
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By GlobalData“We are making this happen by working with national and international partners across borders and building the world’s ultimate agnostic network for cross-border money movement and payments via a combination of physical and digital touchpoints.”
Globally, China was the second largest remittance receiver in 2018, according to World Bank data.
Du Xiaoman Financial general manager Wan Tao said: “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.”
In November last year, Western Union partnered Amazon Web Services (AWS) to support digitalisation of its infrastructure.
