Western Union Business Solutions Debuts in Middle East Through Emirates International Exchange
Western Union (NYSE: WU) has extended its relationship with Emirates International Exchange, one of the leading exchange houses in the Middle East, to launch its international business payments service, Western Union Business Solutions, in the UAE.
Providing cross-border business payments and foreign-exchange solutions to small- and medium-sized enterprises (SMEs), Western Union Business Solutions is a reliable, flexible and easy-to-use service. The global cross-border SME payments market is estimated to be similar in size to the consumer cross-border remittance market, with estimated global revenues of approximately $24 billion.
The five-year service agreement between the two organizations marks Western Union's entry into a new customer segment for the first time in the Middle East, and opens the doors for a number of growth opportunities.
Commenting on the agreement, Jean Claude Farah, Western Union's Senior Vice President for the Middle East and Africa, said, “As the number of small- and medium-sized companies doing business internationally in the UAE continues to grow, so does the need for fast and reliable global payment solutions. Emirates International Exchange is a leading FX trader and remittance player, with a great record of growth with our core business of money transfer in the UAE.”
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