Western Union joins forces with Du Xiaoman to expand bank account payout in China
Western Union has joined forces with Du Xiaoman Financial (previously fintech Baidu Finance) and its network of partners to expand its bank account payout in China through the latter’s mobile app.
The partnership will enable international money transfer to be done in real-time to even more Chinese bank accounts.
Account payout of any Western Union international money transfer can be directed through the Du Xiaoman Financial app.
The partnership will now enable over 150 million Du Xiaoman Financial app to simply route any money transfer received from outside of China into their bank accounts, and accept funds in real-time through the mobile app.
According to Western Union, expansion of the account payout in China further advances its ability to join forces with a growing base of national and global tech majors by making use of its core assets such as global settlement capabilities, its extensive network, compliance and technology systems, to facilitate international cross-border transfers with customer-facing innovation.
Jean Claude Farah – President of Western Union Global Network said: “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.
“We are advancing our goal to comprehensively serve consumers money movement and payment needs.
“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 offers multiple online services like online credit service, online payment, mobile wallet, and also online wealth management services.
Wan Tao – General Manager of Du Xiaoman Financial said: “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.
“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.”