Effective from February 18, 2008, the program will allow Western Union consumers in Hong Kong to draw 12-month to 18-month installment loans from PrimeCredit, and then remit the borrowed money via Western Union Money Transfer.
Internal research found that 79% of consumers sending money transfers are receptive to other financial services offerings from Western Union, and that one in four Western Union consumers would consider applying for a loan product associated with the company.
Initially, the program will be offered to Western Union’s Filipino consumer base in Hong Kong. The offer is expected to be extended to other consumer segments and other markets in the Asia Pacific region once the program matures.
Isabella Lau, regional vice president of marketing unit for Asia Pacific at Western Union, said: One of Western Union’s strategic objectives is continually to explore new service offerings that meet our consumers’ needs. Our business model is to generate revenue from loan origination and repayment.
We know that our consumers often do not have access to banking and financial services. With Western Union’s extensive experience serving this segment, we are well-placed to identify and provide access to quality services that meet their needs.
