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Western Union Expands with Suhyup Bank in South Korea
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Western Union has partnered with Suhyup Bank to facilitate international money transfers in South Korea. This collaboration allows customers to send and receive money at roughly 130 bank locations and over 220 sub-agent sites, aiming to expand to 480 locations this year. The service supports cross-border transactions to over 200 countries, with a planned digital service for Suhyup Bank account holders coming soon. This partnership aims to enhance customer experience and extends Western Union's reach in the market.
Positive
New partnership with Suhyup Bank enhances international money transfer services in South Korea.
Expansion to 480 total locations planned within the year, increasing accessibility for customers.
Provides support for cash payouts across more than 200 countries and territories.
Negative
None.
Customers Can Now Send Western Union Money Transfers from Suhyup Bank Locations Across the Country
SEOUL, South Korea--(BUSINESS WIRE)--
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.
What is the new partnership between Western Union and Suhyup Bank?
Western Union has partnered with Suhyup Bank to provide international money transfer services in South Korea.
How many locations will Western Union services be available at in South Korea?
Western Union money transfers will be available at approximately 130 Suhyup Bank locations and over 220 sub-agent locations, with plans to reach 480 locations within the year.
When will the digital service for Suhyup Bank account holders be available?
The digital service capability for Suhyup Bank account holders is expected to be operational in the coming months.
What countries can customers send money to using Western Union?
Customers can send money to over 200 countries and territories through Western Union's services.
What is the significance of the partnership for Western Union's operations?
The partnership enhances Western Union's market presence in South Korea and improves customer access to international money transfers.
