Western Union Expands with NongHyup in South Korea

Over Four thousand NongHyup Locations Across South Korea to Provide Western Union Money Transfer Services by 2024

SEOUL, South Korea--(BUSINESS WIRE)--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.

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.

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of March 31, 2020, our network included over 550,000 retail agent locations offering our branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2019, is available in over 75 countries, plus additional territories, to move money around the world. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.

About NongHyup

NongHyup is Korea’s largest cooperatives specialized in the agricultural industry. In July 1969, NongHyup was founded as a cooperative institution. It consists of 1,118 independent entities with more than 4,700 branches nationwide. These 1,118 independent entities represent more than 2.4 million member farmers in Korea. It provides funds to promote the farming industry and farming communities and develop deposit & loan products for farmers in order to provide practical benefits for those working in the agricultural and livestock industries. It also improves financial convenience for the general public and undertakes social contribution programs and invest the funds raised to support less privileged groups in society.

¹ Funds may be delayed or services unavailable based on certain transaction conditions, including amount sent, destination country, currency availability, regulatory issues, identification requirements, Agent location hours, differences in time zones, or selection of delayed options. Additional restrictions may apply. See terms for details.