- Major online payments sector firm Western Union has confirmed that it will be moving into the South Korean market thanks to a collaboration with local company ICB.
- The new app-based service will be known as ‘Debunk Remit’ and is set to become available on both Apple’s iOS and Android services.
- “We are excited to work with ICB to drive shared value through our services and support the needs of the people we jointly serve,” said a senior figure at Western Union in a statement.
Western Union, a major name in the online money transfer scene, has announced that it will be bringing its cash exchange services to South Korea.
Western Union, which is a well-known household name in the sector, has confirmed that it will collaborate with ICB.
ICB’s smartphone app will power Western Union’s services in the major East Asian economy.
The app, which is set to be known as ‘Debunk Remit’, will allow customers to send money via Western Union.
ICB is one of the biggest financial technology companies in South Korea.
It puts through $1.6bn worth of transactions each year and has around 15,000 merchants on its books.
It is understood that the new app will be made available on the iOS operating system for Apple devices as well as Android devices.
In a statement, a senior figure at Western Union said that the company was in the process of boosting its money transfer offer in South Korea.
Premmananth Krishna, who is head of Singapore, Indonesia and North Asia at the firm, said that the company was providing customers with an increased number of access points for the receipt and sending of cash.
“By expanding our money transfer services in Korea, we are offering customers more access points to send and receive money,” he said.
He went on to say that the new alliance would help boost Western Union’s promise in terms of “digital-driven convenience”.
“Our alliance with ICB reinforces Western Union’s commitment to power digital-driven convenience, enhancing the customer experience,” he explained.
He also said that the company had a long history of bringing people together through financial sector knowledge.
“Western Union has always been about connecting people. Our strength lies in our deep financial services expertise and the technologies we employ to solve the complexities of cross-border money movement,” he said.
He added that the company was “excited” about the pairing with ICB and offering a variety of extra “shared value” through the provision of its services.
“We are excited to work with ICB to drive shared value through our services and support the needs of the people we jointly serve,” he explained.
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