Currencycloud, the leading international payment platform, today announced the launch of South Korea’s first remittance service by a non-bank, following its strategic partnership with the country’s leading credit card company, Hyundai Card.
The news builds on Currencycloud’s momentum in Asia-Pacific, with the UK-headquartered fintech signing 14 partnerships in the region in the past year and growing the volume of payments in the region by 66% in the past year since Q1 2017.
These partnerships include agreements to process business payments between the West and China with X-Transfer and to deliver local payouts in Europe with Geoswift. A strategic partnership has also been signed with EasyPay to facilitate the collections process for Hong Kong merchant service providers.
The remittance service with Hyundai Card demonstrates another possible outcome of these collaborations. The offering, which is underpinned by Currencycloud’s advanced API and facilitated by Shinhan Bank, enables Hyundai Card members to make faster and cheaper cross-border payments.
“Currencycloud has developed a strong presence in Europe, and after making inroads into the US, launching in Asia is a logical next step. Partnering with the second largest conglomerate in South Korea was an easy decision to make, as its reach and the sheer size of the market allows us to bring our leading technology to millions of end users who can then benefit from the combined product” Commented Stephen Lemon, VP, Corporate Development and co-founder of Currencycloud.
Through the integration of its world-class API, Currencycloud brings its digital knowhow and extensive experience of global FX and payment platforms to the partnership. Hyundai, as the service provider, presents the offering to clients through a sophisticated, yet simple to use - and first to market - app, while Shinhan Bank facilitates the remittance from South Korean Won (KRW) into local currencies. Currencycloud then makes the final payment to the beneficiary accounts.
“Whether it’s individuals sending money to children studying abroad, or businesses paying suppliers in another country, cross-border payments are a part of life for many South Koreans. But, until now, sending funds abroad has been an expensive and opaque process. There is no excuse for this in today’s technologically enabled environment and our partnership with Currencycloud will address this long overdue issue.” said Woo Kyung Chang, Hyundai Card’s Head of Digital Biz. Development Department
“We are excited to be democratising cross border payments in South Korea through our partnership with Currencycloud and Shinhan Bank, by enabling customers to not only save money but also make international payments at the touch of a button.” continued Dae Young Chung, Team Lead of Overseas Remittance Service Team
The overall Asian payment market was worth US$15.6Tn in 2016 and is growing at an approximate compound annual growth rate of 10%, according to market data. In the same year (2016), overall payment flows between the East and West amounted to US$10.3tn and intra-Asia payments flows represented US$8.6Tn.