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