Sentbe, a digital money transfer operator in South Korea,has partnered up with TransferTo, a global Cross-Border Mobile Payments
Network for emerging markets, to offer Sentbe customers greater
flexibility and reach to perform real-time money transfers from South Korea to
over 60 countries across TransferTo’s global network.
money transfer solutions are in high demand across South Korea with migrant
workers making up the largest group of foreign residents in South Korea and
accounting for over 1.2% of the country’s total population. In
recent years, they have sent over US $5.6 billion annually in remittances
across borders and with the recent ease in regulations by the South
Korean government – which now allows non-banks such as fintech companies and money
transfer operators to offer international money transfer services – this has made
sending money from South Korea a lot easier, easing financial burdens for many
migrant workers wanting to send money back home.
new regulations have also enabled digital money transfer operators, like
Sentbe, to offer more convenient, safe and fast international money transfers services
compared to conventional bank services. By partnering with TransferTo, Sentbe
customers can now easily transfer money back home to their loved ones, using
their Sentbe account, where recipients can opt for a convenient payout option
of their choice; mobile wallet, bank account or cash pick-up point.
Peter De Caluwe, CEO of TransferTo, said “With this partnership, we are helping Sentbe to expand their global footprint and providing them with the infrustructure 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 for Sentbe.”
(Seongouk) Choi, CEO of Sentbe, said, “TransferTo’s global network
has enabled us to connect our customers with their loved ones faster and better
throughout the world – helping us to get one step closer to our mission to
deliver innovative inspiration throughout the world. We need to ensure our customers remain our number one
priority and are always looking at more efficient and simple ways to scale and
improve our service and offering – and with this partnership, we’ve managed to
do exactly this.”
The service is now live and more information can be found at www.sentbe.com.