Leading cross-border payments platform Currencycloud and South Korea’s digital pioneer company, Hyundai Card announced an exclusive partnership to enable the launch of Korea’s first mobile remittance service provided by a credit company.
The service, established by the UK-headquartered Fintech company and Hyundai Motor Group’s credit issuing arm in conjunction with Korea’s long-standing Shinhan Bank, allows users to wire their money overseas with fewer process steps and lower fees than similar services in the market.
The service launches soon and will be available through Hyundai Card’s Global Remittance application. Hyundai Card members can use their app to initiate transfers without additional sign-up. “With just a few touches on the mobile phone, people will be able to remit their money using their credit card account,” said Wookyung Chang, Hyundai Card’s Head of Digital Strategy Department. “This will open the new era of personalized digital financial services in Korea,” he continued.
Currencycloud has provided its advanced API integration and know-how that guarantees speed and reduced time-to-market, enabling the service to scale quickly. Hyundai chipped in its customer analysis and several digital techniques while Shinhan engineers the remittance.
The partnership also marks a significant step forward into the Asian market for Currencycloud, following a $25 million Series D funding round with backing from investors GV, Notion Capital, Sapphire Ventures, Rakuten and Anthemis. Along with the US, the Asian market is a significant growth area for the British Fintech firm, which is in the process of securing regulation in Singapore.
Currencycloud’s Co-founder & Vice President Stephen Lemon, who led the deal, commented: “It’s great to see the FinTech movement take hold and the subsequent revolutionary shift in the nature of international payments for South Korea. There is a huge opportunity to streamline and improve the customer experience for remittances in this new market and we’re delighted to play such a pivotal role. As a digital powerhouse with a strong history of world-leading innovation, Hyundai is perfectly placed to embrace the opportunities Fintech presents to this region. We’re truly excited to partner with one of the biggest conglomerates in one of the most tech-driven countries and look forward to future opportunities across the Asian market.”
Jongyoon Kim, Hyundai Card’s Vice President said: “FinTech is evolving dramatically across the globe and we are proud to be pioneering South Korea’s first remittance service by a non-bank. With it’s strong reputation for driving innovation across financial services on a global level and world-leading API technology, Currencycloud is the perfect partner for this exciting new offering from Hyundai.”
South Korea is the 19th-largest country in the remittance market, receiving US$6.8Bn a year and sending US$13.3Bn during the same period. The largest destination of remittance is the US, Japan, China and Canada, according to market data.