The Western Union Company has introduced its business payments unit, Western Union Business Solutions, in the payment processing market of Malaysia.
The payments arm predominantly aimed at small- and medium-sized enterprises (SMEs) will offer international payment and foreign-exchange products along with consumer-to-consumer money-transfer service.
Western Union Business Solutions global managing director Kerry Agiasotis said that Malaysian market is witnessing quick growth and is becoming an important player in a key economic region.
"SMEs are vital to the Malaysian economy; they already contribute nearly one-third of GDP and account for one-fifth of exports. Improving small firms’ access to financial services is crucial as Malaysia continues to advance its economy, which is exactly what we are looking to do as we enter this market," added Agiasotis.
Besides, managing international payments online, Western Union Business Solutions will provide real-time market pricing, improved cash flow and forecasting tools.
The company’s processing service has a wide range with access to over 130 currencies, around 200 countries and territories, and local clearing facilities in more than 70 currencies.