Source: Yiwu sourcing agent Author: Gary Date: 2010-08-29
West Union，the world leading payment service company，announced a few days ago that it had signed cooperation contracts with four regional commercial banks in China，which means the Northeast，South and East of China will be able to enjoy its service since then. Zhejiang Chouzhou Commercial Bank，a local commercial bank in Yiwu - the world’s commodities center，has the luck to be one of West Union’s business partners. With the aid of nearly 400 thousand outlets of West Union all over the world，the trade between Yiwu and the world will be more frequent and convenient .
“According to statistics，Yiwu West Union dealt with 650thousand remittances with a total amount of nearly 180 million dollars last year，”said Ding Yali，general manager of the International Business Division of Zhejiang Chouzhou Commercial Bank . She said banks available in Yiwu can’t meet the remittance requirement of domestic and overseas businessmen in the city any longer. Presently, Chouzhou Commercial Bank offers West Union remittance service in three outlets in Yiwu and Qingtian. Another four outlets will be in service including two flagship stores in ITM. “The trade between Yiwu and the world will be more convenient. It will accelerate the economic development of the city，”Ding said .
It is learned that West Union is one of the largest remittance companies in the world with a history of 160 years. With the largest and most advanced postal network
in the world，West Union can send remittance to 200 countries and regions . West Union was admitted to China and became the f i r s t foreign invested remittance financial agency as early as 1994. It signed cooperation contracts with China Postand Agricultural Bank of China respectively in 1995 and 2001 to accomplish its primary layout in the mainland of China. West Union noticed that in recently years many Zhejiang and Jiangsu people emigrated to European countries，and many others from the Northeast of China
emigrated to Southeast Asia，Japan and Russia . After one year of investigation and
training, West Union announced to sign cooperation contracts with Jilin Bank，Harbin Bank，Fujian Haixia Bank and Zhejiang Chouzhou Commercial Bank in May，which starts another round of outlets layout.
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