Western Union launches business payments unit in Malaysia

A money changer counts RM50 ringgit bills at a currency exchange in Kuala Lumpur April 7, 2006. – AFP pic
A money changer counts RM50 ringgit bills at a currency exchange in Kuala Lumpur April 7, 2006. – AFP pic

KUALA LUMPUR, May 20 — The Western Union Company has expand its services in Malaysia with the launch of its dedicated business payments unit, Western Union Business Solutions, paving the way for faster global trade for Malaysian small and medium enterprises (SMEs).

Western Union will now provide corporate businesses, particularly SMEs, with international payment and foreign exchange products to improve their cash flow and boost their ability to compete overseas, the company said in a statement today.

Western Union Business Solutions Global Managing Director, Kerry Agiasotis, said that Malaysia is a fast-growing market and is quickly becoming an important player in a key economic region.

“SMEs are vital to the Malaysian economy, they already contribute nearly one-third of gross domestic product and account for one-fifth of exports.

“Improving small firms’ access to financial services is crucial as Malaysia continues to advance its economy, which is exactly what we are looking to do as we enter this market,” he said.

Western Union Business Solutions brings a unique product capability to the market, including the ability to manage international payments online.

Its local team in Malaysia will offer SMEs a dedicated online payments portal that will enable them to streamline their payments process via an easy-to-use platform that they can access 24 hours a day, seven days a week. — Bernama

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