The Western Union Company (NYSE: WU), a leader in cross-border,
cross-currency money movement, and JD Digits, a leading digital
technology company in China with 400 million individual customers,
today entered into a strategic agreement to join forces to advance
digital cross-border money movement and payments for global
consumers and businesses in China.
Western Union and JD Digits are exploring new ways to combine
the convenience of online and mobile financial technology (fintech)
services to allow fast and convenient cross-border remittances and
payments. In the first phase, both companies will focus on moving
remittances from across the world into the mobile wallets and bank
accounts of 400 million JD Digits individual customers.
Cross border money transfers between individuals play a
significant role in China. As the world’s second largest receiving
country in the world, China received USD63.8 billion and sent
USD2.8 billion last year, according to World Bank.
Announcing the collaboration at the headquarters of JD Digits in
Beijing today, Khalid Fellahi, Senior Vice President and General
Manager Western Union Digital, said, “It is exciting to be here in
Beijing to formalize the commencement of a powerful relationship to
enhance digital money movement and payments for one of the world’s
largest economies.”
“Western Union’s money movement platform has set the standard
for international digital and physical money movement by connecting
almost every country and territory in the world. It allows us to
effectively span consumer money movement and business payments
globally while staying ahead of fintech advancement. It is this
unrivalled capability that is attracting new forms of
collaboration, but the finer point is our ability to uniquely
connect the digital and physical worlds of money in any
configuration to suit the ultimate end user,” said Fellahi.
“We are delighted to be teaming up with JD Digits, one of
China’s most innovative digital technology companies to serve
tech-savvy Chinese customers. This agreement ushers in a new era
for our more than 23-year-old relationship with China,” said Molly
Shea, Senior Vice President and General Manager Western Union Asia
Pacific.
Western Union’s cross-border, cross-currency platform –
technology stack, APIs, foreign exchange and settlement engine,
digital footprint, compliance infrastructure and vast global
account, wallet and retail network – processed an average of 32
transactions every second and moved $300 billion across 130
currencies in 2017.
More recently the company has attracted new forms of
collaboration including a recent engagement with Amazon which
allows international customers in select countries to pay in
person, in local currency, for their Amazon purchases. Western
Union is also powering Kenya based Safaricom wallet holders to move
money from their mobile wallets to the world.
"JD Digits is accelerating all efforts in developing digital
technology to make people’s lives better. The collaboration with
Western Union, a global leader in money movement, is another great
example on how we transform the way that customers can transfer
money or make payments quickly and easily, " said Xu Ling, Head of
Customers Service Unit, Vice President of JD Digits.
JD Digits was formerly known as JD Finance until it was
comprehensively brand-upgraded in November 2018. Its operational
purpose is to connect finance and real industry by using digital
technology, boosting the influence of the Internet, enhancing the
digital and intelligent development of industries, fostering the
development of the real economy and creating greater social value.
With its cutting-edge technologies and expertise in data
technology, AI, and IoT, JD Digits has been involved in many
fields, from digital finance, digital city, digital agriculture,
digital marketing and digital campus services. In the future, JD
Digits is going to further explore current business patterns and
will enter more real industrial sectors.
WU-G
About Western Union’s Cross-Border Platform
Western Union’s cross-border, cross-currency platform –
including a robust digital footprint, settlement, treasury and
compliance infrastructure, and a vast global network of over half a
million locations, and the ability to send money to billions of
consumer accounts and mobile wallets – sets the standard for
international money movement. With operations in more than 200
countries and territories, Western Union’s platform processes an
average of 32 transactions every second and moves $300 billion a
year across 130 currencies.
Connecting the digital and physical worlds of money, Western
Union’s technology stack, APIs, foreign exchange and settlement
engine, agent network, anti-money laundering and fraud detection
capabilities make it one of the largest digital and physical money
movers for consumers around the globe.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in
cross-border, cross-currency money movement. Our omnichannel
platform connects the digital and physical worlds and makes it
possible for consumers and businesses to send and receive money and
make payments with speed, ease, and reliability. As of September
30, 2018, our network included over 550,000 retail agent locations
offering Western Union, Vigo or Orlandi Valuta branded services in
more than 200 countries and territories, with the capability to
send money to billions of accounts. Additionally, westernunion.com,
our fastest growing channel in 2017, is available in more than 50
countries and territories to move money around the world. In 2017,
we moved over $300 billion in principal in nearly 130 currencies
and processed 32 transactions every second across all our services.
With our global reach, Western Union moves money for better,
connecting family, friends and businesses to enable financial
inclusion and support economic growth. For more information, visit
www.westernunion.com.
About JD Digits
JD Digits was formerly known as JD Finance until it was
comprehensively brand-upgraded in November 2018. Its operational
purpose is to connect finance and real industry by using digital
technology, boosting the influence of the Internet, enhancing the
digital and intelligent development of industries, fostering the
development of the real economy and creating greater social value.
With its cutting-edge technologies and expertise in data
technology, AI, and IoT, JD Digits has been involved in many
fields, from digital finance, digital city, digital agriculture,
digital marketing and digital campus services, and integrated its
clients, in terms of the personal-end, corporate-end and
government-end, as one. In the future, JD Digits is going to
further explore current business patterns and will enter into more
real industrial sectors.
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version on businesswire.com: https://www.businesswire.com/news/home/20181213005996/en/
JD Digits International PR:Yishan Lu +86 010 8918
5860luyishan@jd.com
Western Union Global Money Transfer:Pia De Lima +1
9542605732pia.delima@wu.com
Western Union Middle East, Africa, Asia-Pacific:Ingrid
Sahu, +971 4 437-3656ingrid.sahu@wu.com
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