Within a rapidly changing global environment and seismic changes accelerated by the COVID-19 pandemic, Western Union Business Solutions’ APAC currency specialist recently shared key insights on the performance of global sectors in the past year, identified opportunities for growth and presented key projections for the global economy:
Mr Steven Dooley, APAC Currency Strategist of Western Union Business Solutions, compared the share price performance in Hong Kong, Singapore and the US in 2020 following the pivotal shifts and impact of COVID-19:
Based on the outlook for 2021, companies which will be more resilient and future-proof are characterised by their employees’ ability to work remotely and how they can continue to operate even during lockdowns.
Generally, Technology, Pharmaceutical and Engineering industries are forecasted to dominate with the highest expected growth.
A rapid growth in B2B services is projected for 2025, with a corresponding rise in international payments and trade.
IT and Services sectors will come to rely on digital and international payments and it is important to adapt to new challenges that will arise from such payment.
To address the challenges of establishing the infrastructure and technical solutions for cross-border payments, Mr Howard Young (Global Head of Partnerships, Western Union Business Solutions) introduced how Western Union Business Solutions can help businesses enable international payments, and in doing so, diversify and maximise their product revenue streams.
Currently, some businesses find it challenging to build and develop the payment infrastructures on their own. Partnering with Western Union Business Solutions will provide them a quicker route to market and leverage on Western Union Business Solutions’ years of innovation and experience. As the world’s leading non-bank financial network, Western Union Business Solutions' years of experience and presence allows it to be well-placed to support tech businesses and bolster their value.
Mr Young highlighted two types of partnership, namely through referral or full technical integration, and demonstrated Western Union Business Solutions' ability to offer a range of optimised solutions to meet the needs of both companies and customers:
He also discussed examples of use cases:
In conclusion, Mr Young summarised the key benefits of partnering with Western Union Business Solutions:
If you would like to reach out to Western Union Business Solutions, you may contact them at +65 6494 8266.
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The content for this article is reproduced with written permission from Western Union Holdings Inc., which reserve all rights to it.
Western Union Business Solutions is a business unit of The Western Union Company. Depending on the nature and scope of the services, services in Singapore are provided by Western Union Business Solutions (Singapore) Pte Ltd (Licence No. PS20200438) and/or WUBS Financial Services (Singapore) Pte Ltd (Licence No. CMS100116).