Western Union Expands with NongHyup in South Korea
23 July 2020 - 10:00AM
Business Wire
Over Four thousand NongHyup Locations Across
South Korea to Provide Western Union Money Transfer Services by
2024
Western Union, a global leader in cross-border, cross-currency
money movement and payments, has expanded its cooperation with NH
Bank, through NH Bank’s appointment of NongHyup (Agricultural
Co-operative) as a sub-agent to offer Western Union money transfer
services, enabling customers in South Korea to send money to their
loved ones in more than 200 countries and territories.
Customers will now be able to send money at select NongHyup
locations, scaling up to more than 400 locations by the end of the
year, with a goal of reaching more than 4,000 locations across the
country by 2024.
Western Union and NH Bank have collaborated for more than 13
years to offer money transfer services at over 1,000 locations, and
today Western Union further expanded in South Korea by bringing
NongHyup onboard, as a sub-agent of NH Bank, to offer cross-border
remittance services in more locations across the country.
“At the heart of what we do at Western Union is the ability to
connect people, allowing them to move money around the world, often
within minutes1,” said Sohini Rajola, Head of Network – Middle East
and Asia Pacific, Western Union. “We remain committed to
maintaining the widespread service to provide consumers greater
access and financial inclusion. We are now experiencing a world
where opportunities and growth are unlocked by new partnerships and
we are excited to bring NongHyup onboard, enabling customers to
conveniently connect with their families and loved ones back
home.”
“The ability to expand, gain customer trust, scale operations,
and navigate a complex regulatory environment cross-border is
reliant upon collaboration, and we are glad to do so with Western
Union,” said Jaesik Lee, President & CEO, Cooperative Banking
Unit, NongHyup. “Not all consumers are well-served – there are
those with limited access to banking and other financial services.
We are glad to come together with Western Union, making the
marketplace more inclusive by allowing communities up and down the
economic ladder to access convenient money transfer services.”
Western Union serves customers from a large network of Agent
locations facilitating convenient service access for customers in
the country. Customers are advised to check the Agent Locator link
for the status of the nearest locations.
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
March 31, 2020, 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 2019, is available in over 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 NongHyup
NongHyup is Korea’s largest cooperatives specialized in the
agricultural industry. In July 1969, NongHyup was founded as a
cooperative institution. It consists of 1,118 independent entities
with more than 4,700 branches nationwide. These 1,118 independent
entities represent more than 2.4 million member farmers in Korea.
It provides funds to promote the farming industry and farming
communities and develop deposit & loan products for farmers in
order to provide practical benefits for those working in the
agricultural and livestock industries. It also improves financial
convenience for the general public and undertakes social
contribution programs and invest the funds raised to support less
privileged groups in society.
1 Funds may be delayed or services unavailable based on certain
transaction conditions, including amount sent, destination country,
currency availability, regulatory issues, identification
requirements, Agent location hours, differences in time zones, or
selection of delayed options. Additional restrictions may apply.
See terms for details.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200722005431/en/
Western Union Asia-Pacific Karen Santos;
Karen.Santos2@westernunion.com
NongHyup Sunmi Choi; seon117@nonghyup.com
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