Tag: Financials

Fund transfers for Mongolians get faster

Posted by | Jan 8, 2008 | |

Mongolians workers in Korea can now send money to their home country much faster than before.

The Korea Post launched Monday (Jan.7) the so-called Eurogiro service with Mongolia, which enables people in Korea to wire money to Mongolia within three to five days using an electronic money transfer system.

Eurogiro is a fast and cost-effective electronic transaction system that easily allows cross-border transfers of funds.

Users can directly send money to the recipient’s home address through the system or deposit money into an account issued by a postal office to transfer funds.

Previously wiring money to Mongolia from Korea had taken much longer, because users first had to get a certificate of money exchange from Mongolia and then send money by mail.

With the launch of the service, Mongolia is the third country to use Eurogiro with Korea, following Japan and Switzerland. The Korea Post plans to further expand the number of countries to use the service with.

60 countries are members of the Eurogiro network.

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Western Union Launches 50,000th Agent Location in India

Posted by | Jan 7, 2008 | |

The Western Union Company announced the opening of its 50,000th Agent location in India at the State Bank of India branch in Gurgaon, Haryana. To mark the occasion, Hikmet Ersek, EVP and MD, Western Union Europe, Middle East, Africa and South Asia (EMEASA), joined Gautam Kanjilal, Chief General Manager (Delhi), State Bank of India, for a special inauguration ceremony.

Western Union, together with its affiliates, Orlandi Valuta and Vigo, is a leading provider of global money-transfer services. Consumer demand for Western Union services has grown due to a rise in long-term global migration trends, which have resulted in increasing cross-border remittances. India is one of the world’s largest receivers of remittances with more than 26.9 USD billion remitted into India in 2006-2007, according to the Reserve Bank of India.

“India offers immense growth potential in the money-transfer business, and with the launch of the 50,000th location we re-emphasize our commitment to our customers in the country,” Hikmet Ersek said. “Money transfer is a very unique way of participating in the growth and development of a nation, especially in India where Indian Diaspora income is regularly channeled back into the country. Together with our Agents we aim to contribute to the development of the country by delivering fast and reliable money-transfer services to our customers. ”

Gautam Kanjilal, Chief General Manager (Delhi), SBI, said, “We highly value our relationship with Western Union and look forward to delivering even better services to our customers by working closely together.”

Speaking at the inauguration event, Anil Kapur, MD-South Asia, Western Union Services India Private Limited, said: “Western Union is expanding its services in India by increasing our reach as well as adding value to our service offerings. In November 2007, we announced a pilot Mobile Money Transfer Project in association with Bharti Airtel.”

Western Union has 50,000 Agent locations in India spanning over 5,000 cities, towns and villages. This includes more than 8,500 post offices and more than 14,000 branches of leading banks.

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AIG Life Unit to market products through Japan Post

Posted by | Dec 21, 2007 | |

American International Group Inc. said its Japan life insurance subsidiary has been selected by Japan Post Insurance Co. Ltd. as a provider of life insurance products for corporate customers.

According to AIG, the Japan Post Holdings subsidiary selected ALICO Japan, the Japanese branch of AIG’s American Life Insurance Co., to market its products to small- an medium-sized businesses through Japan Post Insurance’s 1,000-member sales team. The sales force is part of a nationwide 81-branch network for Japan Post Insurance.

ALICO will be able to start selling its life products through the network beginning in June 2008, subject to regulatory approval.

Japan Post Insurance was privatized by the Japanese government in October this year. It is the largest life insurer in Japan, with assets of 113 trillion yen ($997 billion). The government-run postal system was broken into four units, wholly owned by a government holding company, with the Kampo and Yucho segments becoming the world’s largest life insurer and savings bank, respectively.

A month ago, Japan Post Network Co. chose Aflac Japan, a unit of U.S.-based supplemental insurer Aflac Inc., as the exclusive provider of cancer insurance for distribution through its roughly 24,000 post offices nationwide.

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Western Union and Scotiabank Agreement Brings the World Closer to Customers

Posted by | Dec 18, 2007 | |

Scotiabank, one of North America’s premier financial institutions and Canada’s most international bank, and The Western Union Company, a global leader in money-transfer services, today announced a pilot agreement to offer the Western Union(R) money-transfer service to Scotiabank customers in Canada.

Western Union and Scotiabank have begun a pilot to offer customers across 42 Scotiabank branch locations in British Columbia, the Prairies and Ontario the ability to send outbound money transfers to more than 200 countries and territories through Western Union.

Based upon a successful pilot offer of Western Union’s money-transfer service, Scotiabank will rollout the service across its national branch network and Scotia Online in late January, 2008.

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Korea Post mulls stake in KEB or Woori

Posted by | Sep 1, 2007 | |

Korea Post is considering buying a stake in Woori Bank or Korea Exchange Bank, two of South Korea’s largest lenders, as it seeks to broaden its range of investments and fi nd new areas of business growth.

The possible investments are two of the ideas under consideration as Korea’s postal service agency, which manages USD 65bn in assets, looks to triple its investments in equities next year.

Currently, the state-run Korea Post has about 3 percent of its assets in stocks, or 1.9 trillion won (USD 2.06 billion), through outside fund management fi rms, said Lee Sang-moo, director of the agency’s asset management team.

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