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 worlds 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 worlds largest economies.
Western Unions 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.
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We are delighted to be teaming up with JD Digits, one of Chinas 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 Unions 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 peoples 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.
About Western Unions Cross-Border Platform
Western Unions 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 Unions 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 Unions 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.
JD Digits International PR:
Yishan Lu +86 010 8918
Western Union Global Money Transfer:
Pia De Lima +1
Western Union Middle East, Africa, Asia-Pacific:
Sahu, +971 4 437-3656