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December 23, 2021updated 21 Jul 2022 4:54am

Western Union signs remittance deal with Ukraine and CIS FIs

Western Union has joined forces with major financial institutions in Ukraine and across the Commonwealth of Independent States (CIS) to help their customers to make cross-border payments through its omni-channel network.

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Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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The move is expected to expand the retail network in the region for Western Union, which recently launched international money transfers through Ukrainian postal network Nova Poshta.

Customers of Monobank in Ukraine can now make money transfers globally, through the bank’s app, utilising Western Union’s retail network across over 200 countries and territories.

The tie-up will allow Monobank customers to fund their international transfer using their Monobank card while receivers will be able to collect the funds from Western Union’s nearly 600,000 retail locations.

Western Union also launched international money transfers through Russia’s Sovkombank which caters to around 11 million people.

Other international money transfers partnerships launched by the company include Kazakhstan’s Jusan Bank and International Bank and Rushdi Orien in Tajikistan.

Additionally, Western Union integrated its platform with the mobile apps of Kazakhstan-based Bank Center Credit, Uzbekistan-based Kapitalbank and Azerbaijan’s Unibank.

The customers of these institutions can now send international money transfers through their banks’ respective mobile apps.

Commenting on the latest tie-ups, Western Union general manager for CIS, Europe, and Africa Massimiliano Alvisini said: “We are privileged to have already joined forces with top financial institutions and post offices across the CIS, giving millions of their customers flexibility, convenience and trust in their cross-border money transfers and payments.

“We are constantly expanding our network across the region and integrating our global money movement capabilities to enhance the customer experience of major CIS financial institutions.”

In October this year, Western Union teamed up with a number of African financial institutions to boost cross-border payments for African citizens.

The same month, the company joined the Single Euro Payments Area Instant Credit Transfer scheme to bolster its real-time payment capabilities in Europe.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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