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March 16, 2016updated 04 Apr 2017 3:59pm

TransferWise launches money transfers service to South Korea

TransferWise, a UK-based peer-to-peer money-transfer firm, has teamed up with local firm PayGate to expands its money transfer services to South Korea.

By Verdict Staff

TransferWise, a UK-based peer-to-peer money-transfer firm, has teamed up with local firm PayGate to expands its money transfer services to South Korea.

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Using this service, banks and brokers can send customers’ money in British pounds or US dollars and the receiving bank will make the conversion.

Transferwise will transfer the money in Korean won, meaning senders can avoid conversion rate fees. It will charge a fee of 1.5% for transfers with a delivery time of the same or next day.

TransferWise CEO and co-founder Taavet Hinrikus said: "Until recently, there was no alternative to banks and brokers when people wanted to send money to South Korea. It’s going to make a huge difference to the seven million Koreans living, working and studying overseas."

PayGate CEO and co-founder So Yeong Park said: "For the last few years PayGate has been working hard to grow the Korean Fintech Industry and our recent partnership with TransferWise is the result of these efforts. Customers in Korea will see how this alternative finance can positively affect their daily lives."

Free Whitepaper
img

Disruptive start-ups to watch out for

2021 was a record-breaking year, with more businesses breaking into the billion-dollar club. Many start-ups have achieved or retained the unicorn status by the end of the year to reflect nearly a fivefold growth from that in 2020. This boom can be linked to a financing frenzy spurred by the quick adoption of technology and innovative solutions by start-ups gaining traction in response to the pandemic. However, the start-up ecosystem is now facing turbulent times for fundraising as investors seek long-term business strategies, valuations, and a route to profitability amid uncertain market circumstances. Nevertheless, 2022 has the potential to carry forward the momentum with multiple entities having a fair chance of being in the right place when aided by the right technologies. GlobalData leverages the power of alternative data to examine the health of start-ups across multiple dimensions including the quality of their innovations, market presence, and the funding they can attract. This helps our clients to analyze the disruptive potential of start-ups for early alliances, investments, and acquisition prospects to develop future-proof strategic roadmaps for a competitive advantage. Read our report and gather insights on the following topics:
  • Recent Unicorn trends
  • Unicorns in 2022
  • Future Unicorns
  • Start-ups to watch out for
Start-up ecosystem outlook by top geographies
by GlobalData
Enter your details here to receive your free Whitepaper.

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