Western Union and UK Department for International Trade to Host ‘RegTech Trade Mission’ in New York

  Western Union and UK Department for International Trade to Host ‘RegTech
  Trade Mission’ in New York

  Global money transfer and payments specialist hosts 16 UK RegTech leaders
                           during FinTech Week NYC

Business Wire

LONDON & NEW YORK -- April 27, 2017

The Western Union Company (NYSE: WU), a leader in global money transfer and
payments services, is teaming up with the Department for International Trade
(DIT) to host 16 ‘RegTech’ industry leaders in a ‘RegTech’ Lunch and Learn
session in New York.

The unique session will provide a platform for collaborative discussion on the
advancement of trade, the changing regulatory environment, and the role of
compliance in international business. It is part of a week-long DIT trade
mission, the first of its kind, to New York’s Empire Start-ups FinTech Week
and forms part of the UK Government’s ‘Innovation is GREAT’ campaign. The
campaign aims to inspire more global businesses to take advantage of the UK’s
leading capabilities in the technology and innovation sector.

‘RegTech’, which refers to a group of companies that use technology to help
businesses comply with regulations, has been on the increase in the years
since the 2008 financial crisis as more technology-driven products to enhance
the customer experience and engagement are sought after by financial
institutions.

International Trade Minister, Mark Garnier, said:

“UK firms are leading the way in finding innovative technology solutions to
help businesses comply with regulation. Following hot on the heels of the
UK-India FinTech conference in Mumbai and the International FinTech conference
in London, my department is working with Western Union to ensure the UK is
well represented at RegTech in New York and together we will ensure UK tech
companies take advantage of the global opportunities in this growing sector.”

The collaboration comes at a time when regulation, compliance and global trade
are of a key focus for small to medium businesses on both sides of the
Atlantic. The recent Western Union International Trade Monitor* revealed
nearly a third (30%) of UK SMEs, and nearly a fifth (18%) of US SMEs are
concerned about the impact of changing international regulation and
compliance.

The research also highlighted that in light of the EU referendum, while
businesses showed little sign of increasing their company’s international
operations, over 80% of UK SMEs are placing an increased focus on
international vendors and supply chains, emphasizing the shift towards global
trade partnerships rather than a direct physical presence abroad.

Kerry Agiasotis, President at Western Union Business Solutions said, “In an
ever changing regulatory landscape, the role of compliance has never been more
important. As world leaders in technology and innovation, this trade mission
is a fantastic opportunity for US firms to learn from some of the UK RegTech
industry’s brightest minds. This initiative, in addition to our new ‘WU^®
EDGE’ platform, demonstrates our dedication to providing SMEs with the tools
necessary to engage with global trade.”

Western Union Business Solutions is one of several other financial companies
including the five major banks – Barclays, HSBC, Lloyds, RBS and Santander,
and four consultancies – EY, KPMG, Deloitte and PwC, who are all helping
potential exporters make the most of international trade opportunities through
a partnership with the Department for International Trade.

Notes to Editors:
The 16 RegTech companies on the Department for International Trade mission
are:
Ancoa, ClauseMatch, ComplyAdvantage, CoVi Analytics, Encompass Corporation,
Enforcd, FSCom Ltd, FundApps, Funds-Axis, Novastone Media, Onfido, Percentile,
Privitar, Suade, Sybenetix, Trading Hub

*Methodology
The fieldwork for the fifth round of the USA International Trade Monitor was
independently conducted by East and Partners among 1,107 US SME businesses
over a five week period ending 26 August 2016.

Research and analysis for the UK International Trade Monitor was independently
conducted by East and Partners among 1,113 UK SME businesses over a seven week
period up to 26 August 2016.

About Western Union

The Western Union Company (NYSE: WU) is a leader in global payment services.
Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business
Solutions branded payment services, Western Union provides consumers and
businesses with fast, reliable and convenient ways to send and receive money
around the world, to send payments and to purchase money orders. As of
December 31, 2016, the Western Union, Vigo and Orlandi Valuta branded services
were offered through a combined network of over 550,000 Agent locations in 200
countries and territories and over 100,000 ATMs and kiosks, and included the
capability to send money to billions of accounts. In 2016, The Western Union
Company completed 268 million consumer-to-consumer transactions worldwide,
moving $80 billion of principal between consumers, and 523 million business
payments. For more information, visit www.westernunion.com.

About Western Union Business Solutions

Western Union Business Solutions enables companies of all sizes to send and
receive international payments and manage global cash flow, creating unique
solutions tailored to suit their individual needs. It is a business unit of
The Western Union Company (NYSE: WU), a leading nonbank provider of cross
border payments, which offers Business Solutions services in over 30
countries. Clients are supported by a network of trading offices, strategic
banking relationships and a global clearing network and can send cross-border
foreign exchange payments in more than 130 currencies.

About the Department for International Trade

The Department for International Trade has overall responsibility for
promoting UK trade across the world and attracting foreign investment to our
shores.

www.great.gov.uk is the new single digital destination for trade and
investment, bringing together and connecting UK businesses, international
buyers and international investors. Whether businesses are new, occasional or
frequent exporters, they will be able to take advantage of the new suite of
tools and exclusive deals on fees or commissions with some of world’s leading
online marketplaces.

By registering with the find a buyer service, businesses will become part of a
brand new searchable directory of UK exporters which government will use to
match their products and services with worldwide demand. A new tool on
great.gov.uk will help businesses access the best e-commerce opportunities via
preferential deals with the world’s largest online marketplaces.

View source version on businesswire.com:
http://www.businesswire.com/news/home/20170427005403/en/

Contact:

Western Union
Liesl Smith
Phone: +44 (0)208 563 6347
Mobile: +44 (0) 7710 185864
Liesl.smith@westernunion.com
or
FleishmanHillard Fishburn
Ludo Baynham-Herd
Phone: +44 (0)208 618 2897
Mobile: +44 (0)77523 120 702
ludo.baynham-herd@fhflondon.co.uk
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