Western Union Expands in South Korea with Korea Investment & Securities

Korea Investment & Securities Mobile App and Branch Locations to Offer Western Union Services

SEOUL, South Korea--(BUSINESS WIRE)--Western Union, a global leader in cross-border, cross-currency money movement and payments, and Korea Investment & Securities (Korea I&S), one of the leading providers of financial services in South Korea, collaborate to offer Western Union consumer-to-consumer money transfers, via retail and digital channels.

Korea I&S account holders in South Korea may choose to send Western Union money transfers via truefriend.com or the company’s mobile app (available for Android and iOS), or send and receive at more than 88 Korea I&S locations across the nation. Money transfers sent via Korea I&S digital or retail channels can be paid out into recipient bank accounts in select countries¹ or at more than 550,000 retail locations in more than 200 countries and territories.

The digital service capability will be operational in the coming months to enable Korea I&S account holders to receive money transfers via web and app.

Leading regional partners have seamlessly integrated Western Union’s cross-border, cross-currency money moving capabilities into their platform, giving customers the convenience and choice to transfer money worldwide. Western Union has opened its platform to enable leaders in e-commerce, telecommunications, financial services, and other sectors to expand into new markets and expand service for their customers.

“Western Union is a global leader in cross-currency, cross-border money movement, enabled by technology,” said K. Premmananth, Head of Network, Singapore, Indonesia and North Asia, Western Union. “We have challenged ourselves to leverage our platform to offer many new ways for our customers and clients to move money globally. We are delighted to collaborate with Korea I&S, providing a multi-channel offering connecting the digital with the physical and servicing a multi-generational user base.”

“At Korea I&S, our commitment is to serve our customers efficiently while exploring new ways to meet the changing needs of our customers,” said Simon SP Mun, Executive Vice President, Korea Investment & Securities. “Western Union sets the standard for international money movement and we are excited to collaborate with them, giving our customers greater ease and access in every transaction they make while upholding what matters most to them– speed, reliability and convenience.”

CUSTOMER GUIDANCE

• To send and receive money at locations, account holders can walk into more than 88 Korea I&S locations and process their money transfers. Senders can fund their transfers from their accounts, and South Korean receivers can direct their money transfers into their accounts.
• To send money via a mobile app, customers can fund their money transfers through their Korea I&S account.

In line with Korea’s local laws and regulations, before the first use of the service, customers can visit any Korea I&S location to open an account and for verification, or they can register on the mobile app and opt for electronic verification. Acceptable IDs include, among other options, a valid resident registration ID or a driver’s license.

Once the account is verified and active, customers can conveniently send and receive Western Union money transfers at either Korea I&S locations, or send via their mobile app anytime—with a few clicks.

Customers can learn more by calling the CS Center Local Line 1544-5000 or CS Center Overseas [phone] or by visiting www.truefriend.com for support.

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect businesses, financial institutions, governments, and consumers through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and over half a million retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.

About Korea Investment & Securities

Korea Investment and Securities Co., Ltd. (Korea I&S) is one of the largest securities firms in Korea.

This company was founded as “Korea Investment Management” in 1974 and was merged by “Dongwon Securities Co., Ltd” in 2005 to become Korea I&S.

Korea I&S has 88 branch locations as well as digital channel (Web, mobile apps) with 5M customer base and is offering a broad range of financial services including investment, trading, brokerage, trust, wealth management and so on targeting mainstream Koreans in Korea. Based on FY2019 financial data, Korea I&S’ total asset is US$ 37 Billion, and revenue is US$ 6.7 Billion.

For more information, Kor URL: https://www.truefriend.com, Eng. URL: https://www.truefriend.com/eng/main.jsp

¹ Australia, Austria, Brazil, Canada, China, Denmark, France, Germany, Hong Kong, Indonesia, Japan, Malaysia, New Zealand, Philippines, Russia, Sweden, Thailand, United Kingdom, United States, Vietnam.