Sentbe, a South Korea-based digital money transfer operator, has joined forces with cross-border mobile payments network TransferTo to support remittance from South Korea to more than 60 countries across TransferTo’s network.
TransferTo said that demand for international remittance services has been increasing in South Korea, with migrant workers constituting over 1.2% of the country’s total population.
These workers have sent $5.6bn in cross-border money transfers per year in the recent years, the payments network said.
Commenting on the partnership, Sentbe CEO Alex (Seongouk) Choi said: “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.”
TransferTo CEO Peter De Caluwe added: “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.”