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Bank BRI & Korean FinTech E9pay to fuel financial inclusion in Indonesia

By Gloria Mathias

May 14, 2024

  • APAC Fintech
  • Bank BRI
  • Bank Technology
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Bank BRI, E9pay, Korea Fintech, FintechNews, Fintech APAC, Fintech Payments, Bank technology, Fintech solutions, Indonesian workers, Korean Fintech, APAC Fintech PT Bank Rakyat Indonesia (BRI) Persero Tbk and E9pay have announced an MoU with BRI’s investment in E9pay, aiming to expand cross-border businesses and digital financial services for 50 thousand Indonesian migrants in South Korea.

BRI is an Indonesian bank with a global footprint. E9pay, on the other hand, is Korea’s licensed FinTech company specializing in cross-border remittances and payments.

The agreement signifies a commitment to solidify the international partnership between BRI and E9pay through direct investment. By harnessing the convergence of a bank’s network and a FinTech company’s digital agility, the two entities aim to provide specialized financial services for Indonesian migrant workers, students, and spouses in Korea, making financial services as accessible and stress-free for them as in their home country.

The MoU outlines 5 key areas of collaboration, as follows:

  • BRI’s direct investment in E9pay
  • Digital banking in Korea,
  • Seamless account opening,
  • Joint financial solutions in new business areas,
  • Platform business expansion.

For years, BRI and E9pay have been a driving force in facilitating remittance services between Korea and Indonesia, even before the MOU. Their convenient native-language (Bahasa) customer support and fast, affordable money transfers help migrant workers send living expenses and education costs to their families back home.

“BRI facilitates money transfer from South Korea to Indonesia through an integrated network between BRI’s platform, BRIfast Remittance, and E9pay’s outstanding digital service. Moreover, Indonesian overseas workers in South Korea have been familiar with the E9pay digital app, which is available on their smartphones, giving them access to send money to BRI’s vast network in Indonesia.” Agus also adds, “This partnership with E9pay will give Indonesia’s national foreign income heroes access to distinct financial services by exploring new features from digital accounts to loan payments.”

“Since 5 years ago, when E9pay and BRI’s partnership was established, we have been striving to provide a convenient remittance service for Indonesian workers living in Korea,” stated Hyuk-Goo Jeon, “Moving forward, we’re more than just business partners. We’re a family united by a shared vision. Together, we will reach new heights in driving financial cooperation and development between Korea and Indonesia.”

 

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