Cryptocurrency Fintech

Western Union Expands with NongHyup in South Korea

Western Union, a global leader in cross-border, cross-currency money movement and payments, has expanded its cooperation with NH Bank, through NH Bank’s appointment of NongHyup (Agricultural Co-operative) as a sub-agent to offer Western Union money transfer services, enabling customers in South Korea to send money to their loved ones in more than 200 countries and territories.

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Customers will now be able to send money at select NongHyup locations, scaling up to more than 400 locations by the end of the year, with a goal of reaching more than 4,000 locations across the country by 2024.

Western Union and NH Bank have collaborated for more than 13 years to offer money transfer services at over 1,000 locations, and today Western Union further expanded in South Korea by bringing NongHyup onboard, as a sub-agent of NH Bank, to offer cross-border remittance services in more locations across the country.

“At the heart of what we do at Western Union is the ability to connect people, allowing them to move money around the world, often within minutes1,” said Sohini Rajola, Head of Network – Middle East and Asia Pacific, Western Union. “We remain committed to maintaining the widespread service to provide consumers greater access and financial inclusion. We are now experiencing a world where opportunities and growth are unlocked by new partnerships and we are excited to bring NongHyup onboard, enabling customers to conveniently connect with their families and loved ones back home.”

“The ability to expand, gain customer trust, scale operations, and navigate a complex regulatory environment cross-border is reliant upon collaboration, and we are glad to do so with Western Union,” said Jaesik Lee, President & CEO, Cooperative Banking Unit, NongHyup. “Not all consumers are well-served – there are those with limited access to banking and other financial services. We are glad to come together with Western Union, making the marketplace more inclusive by allowing communities up and down the economic ladder to access convenient money transfer services.”

Western Union serves customers from a large network of Agent locations facilitating convenient service access for customers in the country. Customers are advised to check the Agent Locator link for the status of the nearest locations.

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