Western Union Expands with Suhyup Bank in South Korea
September 15 2021 - 7:00PM
Business Wire
Customers Can Now Send Western Union Money
Transfers from Suhyup Bank Locations Across the Country
Western Union, a global leader in cross-border, cross-currency
money movement and payments, and Suhyup Bank, one of the leading
banks in the country, have joined forces to offer international
money transfer services, connecting customers in South Korea to
their loved ones overseas.
The significant collaboration will enable customers to send and
receive Western Union money transfers at approximately 130 Suhyup
Bank locations and more than 220 sub-agent locations across the
country, with the plan to scale up to 480 bank and sub-agent
locations within this year. Customers will be able to move funds
for cross-border money transfers, enabling payout in cash across
more than 200 countries and territories and into bank accounts and
wallets in select countries worldwide.
The digital service capability will be operational in the coming
months to enable Suhyup Bank account holders to send money
transfers via web and app.
“At Western Union, we are driven by collaborations that drive
global connectivity and support our mission of moving money for
better,” said K. Premmananth, Head of Singapore, Indonesia and
North Asia for Western Union. “We look forward to a successful
collaboration with Suhyup Bank, expanding access to money transfer
services for customers in South Korea.”
Western Union’s ability to bridge both the digital and physical
worlds has been key in its success. As part of its strategy,
Western Union is increasingly partnering with local banks and
financial institutions enabling them to expand their suite of
services to include access to market-leading cross-border money
movement capabilities and to enhance the customer experience.
“Suhyup Bank is a bank steeped in innovation and we always do
our best to meet customers’ needs through a variety of financial
products and services,” said Jooeun Lee, Head of Global Banking
Department, Suhyup Bank. “We are glad to collaborate with Western
Union, enabling us to expand our portfolio of services and
cross-border reach and bringing customers greater ease and
confidence as they send money to their loved ones abroad.”
About Western Union
The Western Union Company (NYSE: WU) is a global leader in
cross-border, cross-currency money movement and payments. Western
Union’s platform provides seamless cross-border flows and its
leading global financial network bridges more than 200 countries
and territories and over 130 currencies. We connect businesses,
financial institutions, governments, and consumers through one of
the world’s widest reaching networks, accessing billions of bank
accounts, millions of digital wallets and cards, and more than
550,000 retail locations. Western Union connects the world to bring
boundless possibilities within reach. For more information, visit
www.westernunion.com.
About Suhyup Bank
Suhyup was founded as National Federation of Fisheries
Cooperatives in 1962. Suhyup Bank was separated from Suhyup on 1st
Dec. 2016 as a specialized bank in Korea. Suhyup Bank covers most
financial services including savings, loans, credit cards, FX,
insurance etc. as a tier 1 bank. Suhyup Bank has about 130 branch
locations and 350 sub-agent locations for FX and Remittance service
nationwide. Most of the sub-agent locations are operated by
fisheries cooperatives located near the seaside.
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version on businesswire.com: https://www.businesswire.com/news/home/20210915005824/en/
Media Contacts: Western Union Asia-Pacific Karen
Santos; Karen.Santos2@westernunion.com
Suhyup Bank Bokyung Kim; ainhoa@suhyup.co.kr
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