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Western Union & Tencent Financial Technology forge cross-border payment alliance

By Gloria Mathias

June 05, 2024

  • Cross Border Payments
  • fintech APAC
  • Fintech Asia
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Tenpay Global, Fintech news, Fintech Solutions, Cross Border payments, Money Transfer, Weixen pay, FinTech APAC, Fintech Asia, Fintech Solutions, Payments Technology, Western Union has expanded its collaboration with Tencent Financial Technology to partner with Tenpay Global, Tencent’s cross-border payment platform.

Customers around the world will be able to send money directly from the Western Union website or app to their loved ones’ wallets and bank accounts based in China. The service will be available within Weixin, known globally as WeChat.

This enhancement builds on Western Union’s existing relationship with Tencent Financial Technology and Shanghai Pudong Development Bank. In the current collaboration, Weixin users in China have the choice to use their Money Transfer Control Number (MTCN) to route their Western Union money transfers, originally intended for cash collection, to their bank accounts instead.

With this move, senders abroad can also send money transfers directly to their receivers’ wallets or bank accounts, which are available within Weixin’s platform. Customers can send up to $5,000 (or the local equivalent) per transaction.

“We are thrilled to expand our services on Weixin, one of the top digital platforms in China that plays a significant role in the lives of over 1 billion users,” said Sohini Rajola, Head of Asia Pacific at Western Union. “China is the third-largest recipient of remittances globally, receiving approximately US$50 billion in 2023. Through our collaboration with Tenpay Global, we are excited to enhance our services further to meet the evolving needs of customers. By providing a convenient and seamless experience for our customers, we are reaffirming our commitment to customer-centric innovation that empowers individuals and families to send and receive money across borders.”

“We are fully committed to improving the user experience, aiming to make cross-border transfers as simple as sending a message,” said Royal Chen, Vice President of Tencent Financial Technology. “Weixin is a digital bridge that allows global users to connect across borders. As we move forward, we are constantly innovating to facilitate the creation of a borderless payment network.”

Combining Weixin’s extensive user base and Western Union’s global reach, the collaboration represents a step forward in making financial services accessible to all by offering customers greater flexibility and convenience with their money-transfer needs.

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