UK-based WorldRemit has expanded its global reach by launching its digital money transfer services to South Korea.

The service will allow users to send remittances to more than 120 new cash pickup locations across the country using their phones or the company’s website.

About 6% South Korean work and live overseas, with top migration destinations including the US, Japan and China.

Remittances play an important role in South Korea’s economy. According to the World Bank, South Korea received more than $6.6bn in remittances in 2015.

Commenting on the launch of the new service, WorldRemit regional business development director for Asia Pacific Bryce Currie said: “With the launch of this new remittance service we will be helping the South Korean diaspora access a wider choice of money transfer options and a faster, more convenient and secure way of sending money home to their loved ones.”

WorldRemit has offices in the US, Canada, South Africa, Singapore, the Philippines, Japan, Australia and New Zealand.

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By GlobalData