- WireBarley, a leading provider of online money transfer services in South Korea, has announced that it will be working with Tencent as part of a push for better money transfer services.
- The move means that WireBarley will become the first financial technology company in Korea to collaborate with Tencent in this way.
- “The partnership between the two tech companies is expected to further enhance the overall user convenience,” said a spokesperson for the two firms.
WireBarley, an online money transfer provider in South Korea, has confirmed a new collaboration with another provider to reach the Chinese economy.
WireBarley said that it had struck up a deal with Tencent Financial as part of a push to improve overseas remittance options.
The news means that WireBarley is the first financial technology company in Korea to collaborate with Tencent for inbound international money transfers.
The arrangement will happen via Weixin, which is similar to WeChat.
In a statement, a spokesperson for the two firms said that the arrangement would give users more convenience over time.
“The partnership between the two tech companies is expected to further enhance the overall user convenience,” the spokesperson said.
They went on to say that the arrangement will make it easier for a customer in China to access their funds.
“When a WireBarley user sends money to China, a recipient can now easily receive the money through Weixin, which has gradually evolved from a social communication app to being a way of life in China,” they said.
For WireBarley, meanwhile, the chief executive officer there pointed out that the company had 50 partner firms.
John Joongwon Yoo said that the company was aiming to create a new financial technology ecosystem.
“Together with our 50 partner companies, we plan to build a fintech ecosystem without borders,” he said.
He also said that the goal of the company was to ensure that safe and user-friendly international money transfers became possible.
“We aim to provide a convenient and safe cross-border remittance experience to our worldwide customers,” he explained.
The companies plan to offer a significant number of incentives to help get payments over the line.
New clients who are transferring cash to Weixin clients in China will receive a $20 WireBarley voucher, for example.
If they are operating in another currency, meanwhile, they will receive the equivalent.
This only applies if the customer making the outbound transaction is based in one of the approved sender nations.
There are currently 11 countries on the list.
The term ‘barley’ in the firm’s name is understood to come from the claim that barley was one of the world’s very first types of currency.
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