- Western Union and TrueMoney will collaborate to provide new cash receipt services to customers across the nation.
- At first, the move will be restricted to just some shops, but it will later be rolled out across thousands of stores in the country.
- Leaders at both firms expressed their approval of the move, and indicated that it would help them to service their customers better.
International money transfer firm Western Union has announced that it will work alongside a Filipino financial services firm.
Western Union will work with TrueMoney, which is one of the most prominent such firms in the major South East Asian economy.
As part of the new money receiving service, consumers will be in a position to pick up cash at some of TrueMoney’s various destinations across the nation.
These will be marked by distinctive Western Union logos and other material placed prominently outside once the new partnership is underway.
Following that, the service will be rolled out to several thousand locations across the Philippines.
In a statement, Jeffrey Navarro, who serves as Western Union’s head of network for the Philippines, Malaysia, Brunei & Indochina, said that his company aimed to help customers wherever possible.
“At Western Union, we are committed to doing everything we can to serve our customers and communities, here in the Philippines and across the world,” he said.
He added: “We are continuously adapting our operations and business, to offer customers the best service and experience.
“We are excited by the launch of our service with TrueMoney, enabling customers to now access money transfer services at more locations across the country.”
Eugene Go, who is the CEO and also the relevant local MD for TrueMoney in the country, added that the pace of change in the economy at the moment was also a driving force behind the move.
“We are dedicated to serve our customers, facilitating reliable and convenient money transfers for them,” he explained.
He went on to say that the security of many people’s incomes was related to the existence of a rigorous and responsible money transfer system across the globe.
It is little surprise that Western Union has made the decision to extend its reach in the Philippines.
The country is, at least according to figures from the World Bank, one of the most popular countries in the world when it comes to the receipt of online money transfers.
In 2019, even, it was the fourth most popular such country in the world.
While it may seem as though popular and well-recognised firms such as Western Union do not need to break into markets like these, the reality is that such firms have to maintain their position wherever they can.
By partnering with local firms, they can ensure that they continue to take their slice of the remittances pie in the world’s major markets.
Western Union is just one of many high-profile firms working on new product solutions in the cross-border payments world.
To find out more about the other companies that operate in this sector, visit our news pages.
