Western Union has launched the Western Union Technology Engineering Centre (WUTEC) in Pune, India – as part of its fintech strategy.
The company did not reveal financial details of the investment in India.
Western Union, which has technology centers in Denver, Montvale, San Francisco and Pune, is making investments in advanced technologies, including robotics, machine learning, predictive modeling and biometrics.
The company said WUTEC India will focus on building products and solutions to deliver digital and retail customer experiences globally. The new 125,000 square feet facility in Pune, Maharashtra will serve as the company’s innovation and engineering hub in the region, employing more than 1,000 skilled individuals.
Western Union did not talk about the possible increase in job in India as part of the expansion plan.
Hikmet Ersek, president and CEO of Western Union, said, “As the company that invented the concept of digitizing money, Western Union is uniquely positioned at the intersection of money and technology.”
Western Union’s investment in India is part of a fintech and innovation strategy that is driving the company’s digital transformation. Western Union’s digital services pay out in cash, account, or mobile wallet, where available, in more than 200 countries and territories.
According to the World Bank, India is the largest remittance receiving country in the world with an estimated $62.7 billion received in 2016, and 2017 data is expected to show a rise to $65 billion.