Western Union has extended its relationship with Emirates International Exchange to launch its international business payments service in the UAE.
‘Western Union Business Solutions’ seeks to enable businesses of all sizes to manage their international transactions, reduce risk, and act on market opportunities through various services such as online FX for small businesses and corporate FX solutions that include foreign currency payments, currency risk management consultation and industry solutions.
The five-year service agreement between the two parties marks Western Union’s entry into a new customer segment for the first time in the Middle East.
“As the number of small- and medium-sized companies doing business internationally in the UAE continues to grow, so does the need for fast and reliable global payment solutions,” said Jean Claude Farah, Western Union’s Senior Vice President for the Middle East and Africa.
“Emirates International Exchange is a leading FX trader and remittance player, with a great record of growth with our core business of money transfer in the UAE.”
The global cross border SME payments market is estimated to be similar in size to the consumer cross border remittance market, with estimated global revenues of approximately $24bn.