MoneyGram and Korean money transfer company Sentbe have signed a partnership to make Sentbe the first MoneyGram virtual agent in South Korea, according to a release.
Sentbe has done billions of local transactions, and MoneyGram says the company lines up with its own goal of giving customers a broad range of options when it comes to digital currency transfers.
Sentbe, which is based in South Korea, wants to improve cross-border person-to-person money transfers by using new technology. The company is licensed as a financial institution in South Korea and works to give everyday users financial opportunities they might not be able to get in the current financial system.
“Enhancing our product offering in South Korea is a strategic move that accelerates our digital transformation in the region,” said Yogesh Sangle, MoneyGram head of APAC and South Asia. “With an increasing number of foreign residents and growing numbers of working populations from neighboring Asian countries, working with Sentbe will further improve financial inclusion in South Korea and we are proud to share a legacy of customer commitment through this collaboration.”
Alex Choi, CEO of Sentbe, said the partnership enhances what the company already has to offer.
“Innovation that simplifies the money transfer process is our top priority and there is not a more perfect time than now to embark on this move with MoneyGram,” Choi said. “We are now in an even better position to meet demand for tech-savvy solutions within this space and look forward to the change this will bring to the diverse community we serve.”
“To initiate a transaction, consumers simply visit moneygram.ca, create a profile, start a transaction and choose the ‘Cash at a Location’ option,” a release said. “From there, users visit one of Canada Post’s more than 5,200 locations that offer MoneyGram services to complete their transaction. For added convenience and security, consumers can use the provided barcode, which contains their transaction details.”