Western Union Provides Hedging Service To Hong Kong SMEs
Zacks Investment Research | Jun 13, 2016 09:24PM ET
In an effort to better serve Small and Medium Enterprises (SMEs) of Hong Kong, Western Union Co. (NYSE:WU) has launched a new product – FX Options.
FX Option will help SMEs engaged in cross border trade to manage their exposure to currency volatility. Western Union already offers FX products like spot FX and forward FX contracts. FX Options has the unique feature of providing benefits of favorable currency movements and limiting risks in case of adverse foreign exchange movement.
Western Union is keen on serving the growing number of SMEs in the region. Its FX Option can also be customized to suit the particular needs of an SME. Per the Census and Statistics Department, as of Dec 2015, there were about 320 000 SMEs in Hong Kong. They accounted for over 98% of Hong Kong’s total business units and provided job opportunities to nearly 1.3 million people or about 46% of its total employment.
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