A frequent target for most fintech companies is the global powerhouse, Western Union. But forming a partnership with the Global money mover has proved abortive over the years. Suddenly, however, a startup fintech company has swooped in under the radar to strike a lucrative alliance with the banking giant.
That company is Coins – based in Manila and just recently acquired by top ride-hailing company, Go-Jek.
The partnership comes at a time when Western Union is breaking new ground and increasing its global footprint in one the world’s most thriving markets; the Philippines.
Coins will integrate Western Union into its app, which will give users in the Philippines the chance to receive money from other countries.
Ron Hose, the founder, and CEO of Coins was elated by the partnership, “We have a mission to work with financial institutions and service providers to bring novel services to our customers who don’t have it,” he said.
The partnership will allow Coins users to receive money on their Coins app directly through Western Union, and then use it for a variety of purposes on the Coins platform, including transferring it to other people.
Analysts are projecting that the Coins-Western Union partnership will bring positive results for Western Union and help fine-tune its digital future, most especially as Coins’ parent company, Go-Jek is continuing to expand across other Asian Countries.
