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Western Union's fintech looking to make inroads in Indonesia
The world's largest money transfer company, Western Union, is looking to expand its financial technology (fintech) services to Indonesia, as part of a strategy to enlarge its remittance service in Southeast Asia’s largest market.
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US-based firm Western Union is looking to expand its financial technology (fintech) services to Indonesia. (Kontan/File)
T
he world's largest money transfer company, Western Union, is looking to expand its financial technology (fintech) services to Indonesia, as part of a strategy to enlarge its remittance service in Southeast Asia’s largest market.
Country director for Western Union Indonesia Vijay Raj Poduval said the US-based firm had implemented its fintech services in 37 countries allowing clients to send money via the internet.
Eleven of the countries have the fund-transfer service through a smartphone application. In February, the firm announced partnerships with messaging services Viber and WeChat to provide its services through chat apps. Indonesia, however, was not yet among the countries.
"The company is really placing its bets on digital […] The technology is available, and for Indonesia it is only a matter of time," he told The Jakarta Post at his office in Jakarta on Thursday.
Bank Indonesia promised to finalize fintech regulations as soon as October. While fintech startups are free to develop their services in Indonesia, the industry sees crucial issues such as in the cashing out scheme. Western Union would wait until the regulations were made clear, Vijay said.
The 165 years old company has been investing heavily in digital infrastructures. Recently it invested in the Digital Currency Group, a startup focused on bitcoin for an undisclosed value. (ags)
