DENVER--(BUSINESS WIRE)--
The Western
Union Company (NYSE: WU), a leader in cross-border, cross-currency
money movement, and kakaobank,
the largest mobile-first bank in South Korea, today announced the launch
of Western Union® digital money transfer services within
kakaobank’s mobile app.
With the integration of Western Union’s cross-border functionalities
with kakaobank’s mobile banking app, over 7.6 million kakaobank
customers can now seamlessly send and receive international money
transfers directly from their mobile phones, 24/7. kakaobank customers
in Korea have the choice to send money directly into more than half a
million Agent locations in more than 200 countries and territories,
anytime.
“With the expansion of digital channels in full force, Western Union is
excited to collaborate with kakaobank to deliver on a seamless digital
customer experience,” said Odilon
Almeida, President, Western Union Global Money Transfer. “As digital
services have become an integral part of customers' daily lives, this
launch provides customers with fingertip convenience, 24/7.”
Along with Australia, South Korea leads the Asia Pacific region in
digital banking activities, according to research by The
Asian Banker. Online banking transactions are rapidly shifting from
internet banking to smartphone-based mobile banking in the country.
“Customer banking needs are constantly evolving, and access to efficient
international digital money transfer channels is one of them. We are
delighted to launch this service offering with a global leader as
Western Union and provide our vast customer base with this enhanced
digital money transfer capability. Western Union’s brand strength and
its ability to connect the digital and physical worlds of money, coupled
with kakaobank’s digital expertise and reach, will benefit customers
looking for different options to send money,” said Daniel Yun, CEO,
kakaobank.
Western Union has operated in Korea since 2001 and has more than 4,000
retail Agent locations1 in the country. Customers still have
the choice to access these locations to send money transfers in-person,
reflecting the company’s commitment to provide choice and options to
connect to families and friends around the world.
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 kakaobank
KakaoBank of Korea Corp. (Co-CEOs Yan Lee - Daniel Yun, kakaobank), the
largest mobile-first bank in South Korea, started the banking service in
July 2017 with a business slogan of “same but different bank”. With
cutting-edge ICT, kakaobank provides banking services to our valued
customers in less costly, simpler and faster ways. Via complete
non-face-to-face channel with smart phones, customers of kakaobank can
enjoy our entire services including opening accounts and getting loans
without restrictions of where they locate and when they use the banking
app. As a result of the efforts, kakaobank recorded 3,000,000 accounts,
deposit balance of KRW 2 trillion and loan balance of KRW 1.5 trillion
within the first month after the business launched. As of the end of
2018, kakaobank booked 7,690,000 customers, deposit balance of KRW 10.8
trillion and loan balance of KRW 9.8 trillion. kakaobank’s paid-in
capital is KRW 1.3 trillion after previous two rights issues. Korea
Investment Holdings, one of the biggest financial groups in South Korea,
is the largest shareholder of kakaobank with a 58% stake and Kakao,
South Korea’s best ICT business platform, is the second largest
shareholder with a 10% stake. Also, KB Kookmin Bank (10%), Netmarble
(4%), Seoul Guarantee Insurance (4%), Korea Post (4%), eBay (4%),
Tencent (4%) and Yes24 (4%) are kakaobank’s shareholders.
______________________________
1. Network data as of September 30, 2018
WU-G
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190131005057/en/
Western Union Global Money Transfer
Pia De Lima +1
9542605732;
pia.delima@wu.com
or
kakaobank
Phil
Lee, +82-10-3038-2180; phil.lee@kakaobank.com
Source: Western Union