Western Union, an American international financial services company, has announced that it is extending its partnership with Tencent Financial Technology to include Tenpay Global, Tencent’s platform for cross-border payments.
Sohini Rajola, Head of Asia Pacific at Western Union, confirmed the collaboration in a press release seen by Newsng on Wednesday.
Tencent bills itself as an internet service portal offering value-added internet, mobile, telecom, and online advertising services.
The company was co-founded by Charles Chen, Chenye Xu, Jason Zeng, Pony Ma, and Zhidong Zhang in 1998 with headquarters in Shenzhen, Guangdong, China.
Customers worldwide will be able to send money straight to their loved ones’ wallets and bank accounts located in China using the Western Union website or app, according to the statement. The service will be accessible through Weixin, also referred to as WeChat worldwide.
With operations in over 200 countries, Western Union’s Evolve 25 strategy, which aims to accelerate digital growth by giving consumers even more choice, accessibility, and convenience when sending money overseas, is supported by extended collaboration.
“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. “Our focus lies in providing fast, convenient, and secure solutions that connect China with the global community.”
Industry experts emphasised the significance of digital-first money transfer channels for clients, stating that China has long been the global leader in the usage of digital wallets.
“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 Rajola. “China is the third-largest recipient of remittances globally, receiving approximately USD 50 billion in 2023.”
We earlier reported that to advance the use of AI in car manufacturing, Toyota announced that it will collaborate with Tencent, the dominant player in Chinese gaming and social media.
