Source: TransferTo
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 with greater flexibility and reach to perform real-time money transfers from South Korea to over 60 countries across TransferTo’s global network.
International 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.1 In recent years, they have sent over US $5.6 billion annually in remittances across borders2 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.
These 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.”
Alex (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.”