Western Union, a leader in global cross-border, cross-currency money movement and payments, and Du Xiaoman Financial (formerly fintech Baidu Finance) and its network of bank partners, today launched Western Union® international money transfers to be paid out in real-time into even more bank accounts in China, with coverage now extending to a majority of bank account holders across China.
Account payout of any Western Union international money transfer can be directed via the Du Xiaoman Financial mobile app. More than 150 million Du Xiaoman Financial mobile app users can now simply route any money transfer received from across the world into their bank accounts, and receive funds in real-time, with 24/7 convenience, via the app. Global senders may use Western Union’s digital services in 75 countries plus territories, or the walk-in Agent network across more than 200 countries and territories to send an international transfer.
Expansion of the account payout in China further advances Western Union’s unique ability to partner with a growing base of national and international tech leaders by leveraging its core assets – including global settlement capabilities, its vast network, compliance and technology systems — to enable international cross-border transfers with customer-facing innovation.
“Western Union’s quest to build the world’s best money-moving and payments network is made possible with unique collaborations such as the integration with Du Xiaoman Financial’s app and its network of bank partners,” said Jean Claude Farah, President, Western Union Global Network.
“We are advancing our goal to comprehensively serve consumers money movement and payment needs,” Farah said. “We are enabling cash-in to cash-out or account payout; from one bank account to another; from a debit card to a digital wallet. We are making this happen by working with national and international partners across borders and building the world’s ultimate agnostic network for cross-border money movement and payments via a combination of physical and digital touchpoints.”
Du Xiaoman Financial is a major provider of multiple online services. Their platform includes online credit service, mobile wallet, online payment and online wealth management services
“We are excited to expand our growing portfolio of online services to enable our customers to direct all their international money transfers quickly into their bank accounts in China, with our network of bank partners,” said Wan Tao, General Manager, Du Xiaoman Financial.
“Our collaboration with Western Union drives our strategic vision of being a global leader enabling local and global connectivity backed by our innovative technology. Money movement is increasingly happening on digital channels and Western Union and Du Xiaoman Financial with its network of bank partners are facilitating this trend with an easy to navigate “in-app” experience,” said Wan Tao.
China was ranked as the worlds’ second-largest remittance receiver country in 2018, according to the World Bank.
Registered Du Xiaoman financial mobile app users need to input their preferred bank account details in order to receive money in real-time into their account. Customers can receive up to USD7,000 per transaction.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. 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, 2019, our network included over 550,000 retail agent locations offering our 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 2018, is available in 75 countries, plus additional territories, to move money around the world. 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 Du Xiaoman Financial
Du Xiaoman Financial, formerly named Baidu Finance, is a finTech company. By the end of April 2019, it completed the financing, unbundling, and started a rapid expansion in a more flexible way to accommodate itself in the fintech industry. Later it launched a new brand – Du Xiaoman Financial, and ‘Provide reliable financial service through the power of technology’ became its mission since then. The company and its affiliates dedicated its efforts in the business of online payment services and online wealth management platform, and online insurance service. Now they own third-party payment license, internet micro loan license and insurance broker license.