Western Union Fintech Expansion
Bengaluru, INDIA January 30, 2018- Western Union (NYSE: WU), a leader in global cross-border, cross-currency money movement, todaylaunched the Western Union Technology Engineering Centre (WUTEC) in India, reinforcing the company’s commitment to global innovation and investment in engineering resources.
Hikmet Ersek,President and CEO of Western Union said, “Innovation is hard wired in our DNA.As the company that invented the concept of digitizing money, Western Union isuniquely positioned at the intersection of money and technology. WUTEC Indiawill join our other key technology centers across the world to expand the reachof our omni-channel platform, integrating our digital efforts with our iconicphysical agent network to serve a vast global customer base.”
WesternUnion’s investment in India is part of a broader fintech and innovationstrategy that is driving the company’s digital transformation. Western Union isone of the largest digital money firms, uniquely positioned to connect the cashand digital worlds across platforms, devices, borders, and currencies. Westernunion.comand Western Union app digital services are offeredin North America,Europe and increasingly across the Middle East and Asia Pacific. WesternUnion’s digital services pay out in cash, account, or mobile wallet, whereavailable, in more than 200 countries and territories.
Remittancesare key to India’s economy. According to the World Bank, India continues to bethe largest remittance receiving country in the world with an estimated USD$62.7 billion received in 2016, and 2017 data is expected to show a rise to $65billion.
Ersek added, “On the anniversary of 25 years of our servicein India, this is a fitting start to a new chapter. Weare extremely proud to haveconnectedIndian diaspora from nearly every country in the world by enabling moneymovement to their families and loved ones. Over this time frame, Western Union hasformalizedmoney movement into urban, semi-urban and rural India,giving millions of consumersthe assurance of receivingcash or money deposited directly into millions ofbank accounts. This new tech center is the continuation of our transformationjourney.”
WesternUnion’s global technology centers, including Denver, Montvale, San Franciscoand now Pune, are investing in a range of technologies, including robotics, machinelearning, predictive modeling, and biometrics.