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Oct 01, 2020 | News Releases

Euler Hermes Singapore teams up with Western Union for synergetic risk management solutions

The collaboration will see the two industry leaders bring forward their respective strengths and expertise to benefit customers in Singapore.

Euler Hermes Singapore is pleased to team up with Western Union Business Solutions to provide customers with an enhanced holistic business solution and to facilitate a more seamless trade under the increasingly challenging risk environment.

The collaboration will see the two industry leaders bring forward their respective strengths and expertise to benefit customers in Singapore through synergetic effect. With Euler Hermes, the global leader in trade credit insurance, offering trade related insurance services and its wealth of global economic and sector research analysis to help companies make better informed decisions; and Western Union, a global leader in cross-border, cross-currency money movement and payments, providing their services and sharing insights into currency outlook.

To facilitate import-export trading operations, Western Union will provide customers with payment outreach convenience for over 130 currencies across 200 markets, which will help minimizing operating costs incurred from processing payments and mitigating volatilities in the foreign exchange market. Meanwhile, Euler Hermes will further complement Western Union’s proposition by providing global non-payment protection through its world-leading trade credit solutions.

Commenting on the collaboration, Hassan Omaish, Commercial Director at Euler Hermes ASEAN, says, “We are delighted about this cooperation with Western Union Business Solutions as we share a common business purpose - companies and their decision makers are looking for advanced risk management tools and services, so combining our market intelligence, indemnification and collection services with Western Union Business Solutions’ extensive payments and risk management solutions will help domestic and export companies handle trade challenges and expand their business with confidence.”

Svend Janssen, Head of Asia at Western Union Business Solutions, says, “We are excited to enter this collaborative relationship with Euler Hermes in Singapore. Euler Hermes is the Global leader in trade credit insurance. Western Union Business Solutions is the globally leading specialist in cross-border payments and risk management solutions for companies and institutions. Together we will bring an unparalleled, cohesive value proposition to customers of all sizes and industries in Singapore. I am genuinely looking forward to a great co-operation with everybody at Euler Hermes.”

About Euler Hermes

Euler Hermes is the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit and political risk. Our proprietary intelligence network analyses daily changes in corporate solvency representing 92% of global GDP. We give companies the confidence to trade, and be paid. We compensate your company in the event of a bad debt, but more importantly, we help you avoid bad debt in the first place. Whenever we provide trade credit insurance or other finance solutions, our priority is predictive protection. But, when the unexpected arrives, our AA credit rating means we have the resources, backed by Allianz to provide compensation to maintain your business. Headquartered in Paris, Euler Hermes is present in 50+ countries with 5,800 employees. In 2019, our consolidated turnover was €2.9 billion and insured global business transactions represented €950 billion in exposure.