Investment for fintech and innovation strategy
Western Union (NYSE: WU) has launched a new Technology Engineering Centre (WUTEC) at Pune, reinforcing the company’s commitment to global innovation and investment in engineering resources.
WUTEC India will focus on building end-to-end products, solutions, and capabilities to deliver innovative digital and retail customer experiences globally.
The new world-class, 125,000 square feet facility will serve as the company’s innovation and engineering hub in the region, employing more than 1,000 skilled individuals.
Hikmet Ersek, President and CEO of Western Union, said, “Innovation is hard wired in our DNA. As the company that invented the concept of digitizing money, Western Union is uniquely positioned at the intersection of money and technology.
“WUTEC India will join our other key technology centers across the world to expand the reach of our omni-channel platform, integrating our digital efforts with our iconic physical agent network to serve a vast global customer base,” Ersek said.
Western Union’s investment in India is part of a broader fintech and innovation strategy that is driving the company’s digital transformation.
Western Union is one of the largest digital money firms, uniquely positioned to connect the cash and digital worlds across platforms, devices, borders, and currencies.
Westernunion.com and Western Union app digital services are offered in North America, Europe and increasingly across the Middle East and Asia Pacific.
Western Union’s digital services pay out in cash, account, or mobile wallet, where available, in more than 200 countries and territories.
Remittances are key to India’s economy. According to the World Bank, India continues to be the largest remittance receiving country in the world with an estimated US$62.7 billion received in 2016, and 2017 data is expected to show a rise to $65 billion.
“On the anniversary of 25 years of our service in India, this is a fitting start to a new chapter,” added Ersek at the centre opening on 29 Jan 2018.
“We are extremely proud to have connected Indian diaspora from nearly every country in the world by enabling money movement to their families and loved ones.
“Over this time frame, Western Union has formalized money movement into urban, semi-urban and rural India, giving millions of consumers the assurance of receiving cash or money deposited directly into millions of bank accounts. This new tech center is the continuation of our transformation journey,” he continued.
Western Union’s global technology centers, including Denver, Montvale, San Francisco and now Pune, are investing in a range of technologies, including robotics, machine learning, predictive modeling, and biometrics. fii-news.com
