Chinese technology firm JD Digits has teamed up with Western Union to facilitate digital cross-border fund transfers.
Under the JD Digits partnership with Western Union, the companies will scout for new ways to integrate online and mobile fintech services and enable rapid cross-border money transfers.
Go deeper with GlobalData
The initial focus of the two parties will be to move remittances from across the globe into the digital wallets and bank accounts of JD’s individual customers.
JD vice president and head of customers service unit Xu Ling said: “The collaboration with Western Union, a global leader in money movement, is another great example on how we transform the way that customers can transfer money or make payments quickly and easily.”
In announcing the alliance, the companies cited World Bank data that revealed that China received $63.8bn and sent $2.8bn a year ago.
Western Union Digital senior vice president and general manager Khalid Fellahi said: “Western Union’s money movement platform has set the standard for international digital and physical money movement by connecting almost every country and territory in the world. It allows us to effectively span consumer money movement and business payments globally while staying ahead of fintech advancement.
“It is this unrivalled capability that is attracting new forms of collaboration, but the finer point is our ability to uniquely connect the digital and physical worlds of money in any configuration to suit the ultimate end user.”
Last year, Western Union’s platform moved $300bn across 130 currencies.
