Business

Dennis Wafula

MoneyGram partners with a South Korean remittance startup

MoneyGram has announced a partnership with Sentbe, a remittance startup in South Korea. The partnership has made Sentbe the first virtual MoneyGram agent in the whole of South Korea.

According to Yogesh Sangle, the MoneyGram head of APAC and South Asia, the partnership is geared towards enhancing their services in South Korea as a way of speeding up their digital transformation. He added:

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.

Sentbe is one of the largest remittance companies in South Korea, with volume in the billions of South Korean won. It has made crossborder person-to-person money transfer payments faster and easier with the use of innovative technologies.

The CEO of Sentbe mentioned that the partnership with MoneyGram is the timeliest thing for the company to do, in aspiration of providing a simplified money transfer in the region:

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.

Sentbe is also reportedly in partnership with Samsung. The company operates as Samsung’s payment arm through Samsung Pay. Its task is to pilot a remittance service on Samsung Pay in 17 countries. Sentbe has also stated on their website that they are now in partnership with Ripple, soon after their partnership with MoneyGram was announced. This sudden announcement, however, received a lot of attention on social media following a tweetBREAKING NEWS 19/07/[email protected] just partnered with (link: http://SENTBE.com) SENTBE.com just updated their site to show they partnered with @Ripple (which was not known before). SENTBE are the money transfer operators for @SamsungPay_KR!!

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