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TheStreet Open House

Western Union Significantly Grows Its Reach In China

The Western Union Company (NYSE: WU) a leader in global payment services, today significantly expanded into China’s banking channel, paving the way for international direct-to-bank remittances into China from 23 countries while also expanding its international Account-Based Money Transfer service.

Western Union customers can send direct-to-bank money transfers to China from 23 countries via select retail locations and www.westernunion.com online money transfer sites 1. This unprecedented agreement with China UnionPay’s ChinaPay enables Western Union to reach more than 95 percent of all personal bank accounts in China.

In addition, Western Union has launched Account-Based Money Transfers with one of the world’s largest banks, Industrial and Commercial Bank of China (ICBC). The agreement enables more than 400 million ICBC customers to direct Western Union money transfers received from more than 200 countries and territories into their bank accounts via online banking 24 hours a day, seven days a week.

“Western Union’s unique global retail network and recent investments in technology continue to enable the company to expand and attract global and regional business across the industry, including banks, payments networks and mobile operators,” said Hikmet Ersek, President and CEO of Western Union.

“Western Union’s integration of its global retail network and digital channels, including westernunion.com, with leading financial services providers such as China UnionPay’s ChinaPay and Industrial and Commercial Bank of China is innovation at its best – delivering tailored Western Union financial services to meet consumer needs.”

Western Union President and CEO Hikmet Ersek is in Dalian, China as a lead mentor at the World Economic Forum meeting. He officiated at an event with Guo Rongli, Chief Financial Officer of China UnionPay and Chairwoman of UnionPay Merchant Services today and will participate in an event with Jiang Jianqing, Chairman of ICBC, on Wednesday, Sept. 12.

“Western Union, China UnionPay and Industrial and Commercial Bank of China share a common vision: moving money from different parts of the world, giving customers choice and convenience, and helping them grow and achieve their potential,” Ersek said.

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