CHINA: Western Union account-based remittances to be offered in China

Chinese customers of Shanghai Pudong Development Bank (SPD Bank) will soon be able to use account-Based Money Transfer services provided by the Western Union Company.

Chinese accountholders of SPD Bank will be offered to send Western Union Money Transfers directly from their accounts via online banking or their mobile phones for cash payout at Western Union Agent locations in more than 200 countries and territories. 

Moreover, consumers across the globe will be able to send funds directly to SPD Bank accounts. SPD Bank accountholders will be able to access the funds via the Internet, ATMs and their mobile phones. Read more

MoneyGram International Brings Money Transfer Services to 930 Bank of China Branches in Guangdong Province

More than 1,150 Bank of China mainland locations offer MoneyGram services, nearly 9,000 more planned

MINNEAPOLIS, Apr 19, 2010 (BUSINESS WIRE) -- MoneyGram International, a leading global money transfer company, and Bank of China, a pillar of China's banking community and Global Fortune 500 Company, announced today the introduction of MoneyGram's services at 930 bank branches across Guangdong province, bringing MoneyGram's convenient and reliable money transfer services to more than 100 million residents across China's most populous province.

It is estimated that more than $25 billion in remittances--more than half of the total remittances sent into China, were received in Guangdong province in 2008, according to official estimates including reports by the Overseas Chinese Affairs Bureau. Read more

MoneyGram makes big move in China

MoneyGram International will partner with the Bank of China, a leading Chinese domestic bank to open in 10,000 Bank of China mainland branches through 2011, according to an agreement announced this week.

The agreement more than triples St. Louis Park-based MoneyGram’s presence in the Chinese market and follows a successful six-month pilot in 240 Bank of China branch locations in Beijing.

The expansion started in January and will focus at first in provinces on the southern and eastern coast. The new alliance will create additional opportunities for MoneyGram in several other countries in the Asia Pacific region.

The bank started serving the Chinese market in 1994 through several smaller agents, but this partnership marks a major initiative in a market that generates $25 billion in annual remittances.

MoneyGram also announced a recent expansion in Hungary through its partnership with agent Corner Cash Keszpenz Zrt, which operates currency exchange shops in 11 cities. Corner Cash plans to expand into more cities soon.

MoneyGram is returning to the Hungarian market, with about $4.5 billion in remittances, after a seven-year absence. Source

TAIWAN: Cross-strait postal remittance service to begin in mid-February

TAIPEI, Taiwan -- Two-way postal remittance services between Taiwan and China will begin in mid-February after the Lunar New Year holiday, with Citibank New York serving as the intermediary bank, Chunghwa Post Co. officials said yesterday.

A spokesman for Chunghwa Post noted that one of four agreements signed Nov. 4 in Taipei between Taiwan's semi-official Straits Exchange Foundation and its Chinese counterpart — the Association for Relations Across the Taiwan Straits — allows Taiwan and China to begin direct mail and postal remittance services. Read more

China: Chinese overseas remittance income ranks 2nd

ccording to the Immigrants and Remittance Overview 2008, delivered by the World Bank on March 19, China's overseas remittance income totaled $25.7 billion: the second largest overseas remittance income received in 2007. It was preceded by India, at $27 billion; and followed by Mexico, at 25 billion dollars.

The overview also shows that total global overseas remittance last year was approximately $318 billion. Approximately $240 billion dollars of the total remittance flows into developing countries.

The report points out that the U.S. is the largest exporter of overseas remittance. It exported an 42.2 billion dollars in overseas remittance in 2006. Saudi Arabia and Switzerland are the second and third largest exporters, exporting 15.6 billion dollars and 13.8 billion dollars respectively.

One author of the overview, Xu Zhimei, declared that overseas remittance is very important for many developing countries. Not only is it helpful in alleviating poverty; but it is also a major source of foreign exchange and fundamental for economic stability in these countries.

By People's Daily Online Source

CHINA: Money on the move

REPORTS
May 2007

Mobile payment has huge potential in China but it’s still a long way from being realized.'

Picture this scene: a small town in hilly Anhui province hasn't received its regular consignment of mobile phone top-up cards used by pre-paid customers to recharge their accounts. Without the cards, usually sold at convenience stores and newsstands, many people are denied their primary means of communication.

The solution is a man standing by the side of the road. He is a subscriber with a mobile payment company, which acts as a virtual middle man between the mobile service provider and his bank account. His handset is, in effect, an electronic wallet. People give him cash and, an SMS or two later, he has added the money to their mobile phones.

"As mobile phone penetration increases in rural areas, it can be difficult getting top-up cards to users but, through this system, anyone can become a top-up dealer," said Derek Sulger, CFO of SmartPay, a mobile payment company spun-off in 2002 from wireless value-added service provider Linktone. [Read more]