- Deal with Sentbe streamlines cross-border payments for millions of South Koreans
- Users can expect more flexibility and convenience, faster transfers and lower fees
- Partnership addresses need for better remittances for significant portion of South Korea's population
South Korean money transfer company Sentbe has announced a new partnership with global remittance specialist TransferTo that will help improve international money transfers for millions of the country's residents.
The digital remittance operator and the global payments network provider have teamed up to offer customers more flexibility and real-time transactions from South Korea to more than 60 nations around the world.
According to recent estimates, foreign workers make up roughly 1.2% of South Korea's total population, so the need for faster, more reliable money transfers is critical. These workers have accounted for about $5.6bn in cross-border payments annually for the past several years.
Changes in government regulations regarding international money transfers have also increased demand. Fintech firms and transfer operators are now free to offer services in South Korea, which has made sending cross-border payments out of the country significantly easier for workers who want to send money to family and friends back home.
The newly relaxed regulations also make it possible for digital platforms like Sentbe to offer customers money transfers that are faster, safer and more convenient than traditional bank remittances. Sentbe account holders can send funds to recipients who can then choose between several payout options, including mobile wallet, physical agent cash pick-up or transfer to a bank account.
Officials at TransferTo expect the partnership to yield significant benefits for both foreign workers in South Korea and citizens who need a faster, more reliable way to send remittances to and from the country.
"With this partnership, we are helping Sentbe to expand their global footprint and providing them with the infrastructure to enable their customers to transfer money across more borders in a fast and secure way. It's clear that there is demand for cross-border money transfers from South Korea, and we are pleased to be powering this solution and growth
