Western Union announced on Tuesday the launch of a dedicated business payments unit—Western Union Business Solutions—in Malaysia to provide the country’s businesses with international payment and foreign exchange products.
“Malaysia is a fast-growing market and is quickly becoming an important player in a key economic region,” Kerry Agiasotis, the global managing director of Western Union Business Solutions, said. “[Small and medium-sized businesses] are vital to the Malaysian economy; they already contribute nearly one-third of GDP and account for one-fifth of exports. Improving small firms’ access to financial services is crucial as Malaysia continues to advance its economy, which is exactly what we are looking to do as we enter this market.”
Western Union’s Business Solutions offering features real-time market pricing and payments visibility to allow firms to see the exact amount of funds to be received, enhanced cash flow and forecasting tools and access to more than 130 currencies, with the ability to send payments to more than 200 nations worldwide.
“Our goal is to use our extensive payment capabilities to help SMEs operate more successfully on a global scale,” Agiasotis said. “We see great opportunity in the market and are very excited to be launching our business in Malaysia.”