The Western Union Company (NYSE: WU), a leader in global payments, announced today the expansion of its services in Malaysia with the launch of its dedicated business payments unit, Western Union Business Solutions. In addition to its consumer-to-consumer money-transfer service, Western Union will now provide corporate businesses, particularly small- and medium-sized enterprises (SMEs), with international payment and foreign-exchange products to improve their cash flow and boost their ability to compete overseas.
“Malaysia is a fast-growing market and is quickly becoming an important player in a key economic region,” said Kerry Agiasotis, global managing director, Western Union Business Solutions. “SMEs are vital to the Malaysian economy; they already contribute nearly one-third of GDP and account for one-fifth of exports. 1 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.”
Western Union Business Solutions brings a unique product capability to the Malaysian market, including the ability to manage international payments online. Benefits include:
- Transparent, real-time market pricing and improved payments visibility so companies know the exact amount of funds that will be received, when, and at what price;
- Improved cash flow and forecasting tools, increasing users’ ability to budget with confidence;
- Access to more than 130 currencies and the ability to send payments to over 200 countries and territories worldwide, including local clearing in 70+ currencies.
“Our goal is to use our extensive payment capabilities to help SMEs operate more successfully on a global scale,” Agiasotis said. “We see great opportunity in the market and are very excited to be launching our business in Malaysia.”About Western Union The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of March 31, 2014, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs. In 2013, The Western Union Company completed 242 million consumer-to-consumer transactions worldwide, moving $82 billion of principal between consumers, and 459 million business payments. For more information, visit www.westernunion.com. 1 Source: SME Masterplan 2012-2020 ( http://www.smecorp.gov.my/vn2/node/190)