December 18, 2018
The Western Union Company (NYSE: WU), a leader in cross-border, cross-currency money movement, has launched the Western Union® mobile app in Singapore, connecting customers to their families and loved ones around the world, 24/7. Activation of the app in Singapore has given Western Union a digital trifecta in Asia this year, as Singapore now joins Hong Kong and Malaysia in benefiting from Western Union’s digital acceleration of major regional economic centers across the world.
Customers have the choice to send money directly into billions of bank accounts worldwide, mobile wallets where available or to Western Union’s more than half a million Agent locations in more than 200 countries and territories, anytime and anywhere. Customers can pay for their transactions within the app using a choice of card or account, and also have the unique option to pay in-person at retail.
Singapore is a major hub for money movement and is the fourth largest remitter in Asia after Hong Kong, Japan and Malaysia– remitting more than USD6.1 billion last year, according to a report by IFAD titled RemitSCOPE – Remittance markets and opportunities – Asia and the Pacific1. It is propelled largely by its international standing as a popular international labour market for professionals, offering both high and low skill employment opportunities. According to the Global Talent Competitiveness Index 20182 rankings by INSEAD, Singapore ranks first in the region and second globally in attracting and developing talent. In addition, its citizens enjoy familial connections to nearly every country in the world. Last year Western Union moved money into 175 countries from Singapore.
“We are delighted to introduce online money transfers in Singapore, where a high level of digital connectivity has offered consumers boundless possibilities to integrate mobile usage across various aspects of their daily lives. In addition to enjoying seamless digital money movement via the Western Union mobile app, we have also integrated the option for customers to commence their transaction within the app and pay for the transaction in person at retail,” said Odilon Almeida, President, Western Union Global Money Transfer.
The capabilities of our platform today give us an unrivalled advantage – a fully seamless digital offering or a hybrid of online and off-line. This multi-channel capability utilizes our growing international bank and wallet payout network and further monetizes our iconic retail network. It positions us favourably, to serve a global customer base with diverse preferences, like no other,” Almeida said.
Western Union has provided money transfer service in Singapore for more than 15 years. Agent locations across the country offer customers the opportunity to send and receive money in person, from all major cities including small towns in remote areas.
According to the Singapore Economic Development Board3, Singapore is already well on its way to attaining the benefits of digitization, thanks to the leadership of the Singapore government and the technological maturity of its citizens, which has enabled the nation to readily adopt new strategies for delivering more efficient and effective services. With the initiation of the Smart Nation4 programme, Singapore plans to drive adoption of digital and smart technologies across the country.
In line with Monetary Authority of Singapore regulations, prior to the first use of the online service and the app, customers are required to register on the app. A verification email will be sent to the registered email/phone number. Once confirmed, the customer can proceed to enter his personal details and valid ID details. Acceptable IDs include National Registration Identity Cards (NRIC), passports and driving licenses. Customers can then proceed to verify their ID and details through video chat with an agent or verify in-person at a Western Union Agent location. Upon receipt of an email confirmation of their successful account verification and activation, Western Union customers can conveniently send money anytime, with a few clicks from their mobile phones.
In addition to the convenience and reliability of sending money anytime, the app (available for iOS and Android users) enables customers to estimate fees and foreign exchange rates for online money transfers, track past and pending transactions, show payout options available in the receivers’ country, and provide round-the-clock customer service.
Customers can learn more on the app, or by calling the Singapore hotline: +65 6336 2000 (for calls within Singapore), or writing an email to [email protected] (for support in English) or to [email protected] (for support in Chinese), or in person at over 70 Western Union Agent locations across the country.
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 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.
1 International Fund for Agricultural Development (IFAD): https://www.ifad.org/documents/38714170/40286666/2018-05-01_RemitSCOPE_web_final.pdf/1c454276-4fd3-4feb-a8d8-24b4ef9353df