Western Union has received regulatory approval to operate international money-transfer services under Japan's new act concerning settlement of funds, which allows non-banks to conduct money-transfer services.
Western Union has said that it is now authorized to offer cash-to-cash transfers across 200 countries and territories under the new law regulated by Japan’s Financial Services Agency (FSA).
It allows Western Union to work with companies across multiple classes of trade in addition to banks to offer Western Union Money Transfer services.
Upon regulatory approval, Travelex is expected to become Western Union’s first Agent under the new law to offer the Western Union Money Transfer service at Travelex stores in Japan.
Western Union also has agreed with Seven Bank to launch international money-transfer services in Japan to its customers via online banking and its nationwide ATM network.
Drina Yue, managing director and senior vice president for Asia Pacific at Western Union, said: “We are delighted to be registered as a money-transfer provider under Japan’s robust and progressive new law. As a global leader in money-transfer services, we believe Japan is moving in the right direction in facilitating convenient and regulated money-transfer services for Japanese citizens as well as international workers.”