The Western Union Company (NYSE: WU), a leader in global payment services, and Travelex, the world's largest specialist foreign-exchange company, have agreed to offer money-transfer services in Japan after Japan's new Financial Settlement Act is implemented by June 2010 (subject to regulatory approval).
In June 2009, the government passed the Financial Settlement Act, allowing non-banks to conduct money transfer operations. On successful registration of Western Union as a money-transfer provider, Travelex is expected to become Western Union's first Agent under the new law to offer the Western Union® Money TransferSM service in Japan.
Travelex currently offers the Western Union® Money TransferSM service at 356 retail locations in city centers and across 109 airports worldwide. Travelex, which serves more than 17.5 million consumers in 28 countries each year, has provided Western Union® services since January 2006.
"We are excited about expanding the service to Japan through Western Union," said Matt McCarthy, Regional Divisional Director, Asia-Pacific of Travelex. "Japan is both an important economy and a key transit hub. Joining forces with Western Union has allowed us to provide fast, convenient and reliable services to our consumers around the world. We look forward to offering our consumers in Japan additional options to meet their money-transfer needs."
"Japan is an important market given its growing need for international workers, and we are glad to be able to work together with Travelex to offer money-transfer services in Japan," said Andrew Ong, Regional Vice President, North Asia, Western Union.
"Japan's new Financial Settlement Act offers consumers greater choice when sending money overseas to family, loved ones or for other individual purposes and expands the options for receivers to pick up their money transfers at additional locations.
"Upon successful registration by Western Union, our agreement with Travelex will provide consumers in Japan the opportunity to send money to any one of Western Union's more than 350,000 Agent locations in 200 countries and territories," he said.