International payment platform Currencycloud has launched remittance service in South Korea following its partnership with credit card company Hyundai Card.

Utilising Currencycloud’s API and facilitated by local Shinhan Bank, the collaboration will enable Hyundai Card users to make cross-border payments.

Hyundai will present the service through an app, while Shinhan Bank will enable the remittance from South Korean Won (KRW) to the local currency.

Subsequently, Currencycloud will send the payment to the beneficiary accounts.

In the last one year, UK-based Currencycloud has signed 14 partnership agreements to strengthen its business in the Asia-Pacific region.

It includes agreements with X-Transfer to process business payments between China and the West as well as with Geoswift to offer local payouts in Europe.

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The company also formed a partnership with EasyPay to enable payments made towards merchant service providers in Hong Kong.

The volume of payments in this region, through Currencycloud, also registered an increase of 66% since first quarter of  2017.

Currencycloud Corporate Development vice-president and co-founder Stephen Lemon said: “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.”