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E9pay and Shinhan Bank partner to promote overseas remittance

By Leandra Monteiro

March 28, 2023

  • API Banking
  • BaaS
  • Cross Border Payments
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E9PayE9Pay, a Korean cross-border FinTech company, has announced a strategic partnership agreement with Shinhan Bank, one of the largest banks in South Korea.

The partnership aims to build cooperation for overseas remittance/payment for financial inclusion, especially foreign workers residing in Korea and SMEs using E9Pay Commercial Payment Platform.

“We are delighted to enter into this strategic partnership with Shinhan Bank,” said Jeon Hyuk Goo, CEO of E9pay Co., Ltd. “This partnership will help us expand our reach and offer our customers a more comprehensive range of financial services. We look forward to working closely with Shinhan Bank to promote convergence and new business opportunities.”

Under the partnership, E9Pay and Shinhan Bank will collaborate to develop a payment system that will allow foreigners residing in Korea and merchants that trade through global online marketplaces. This will offer a convenient and efficient payment system for foreign workers and businesses, promoting cross-border trade and facilitating transactions between Korea and other countries.

An official from Shinhan Bank said, “Recently, with the expansion of BaaS (Banking as a Service), which experiences bank services through external platforms and changes in customer contact points, partnerships with fintech companies are actively progressing.” Through this, we will provide beneficial services to financial consumers and secure a pre-emptive position in global cross-border remittance/payment market.”

The partnership will also promote joint projects to strengthen FinTech-bank synergy, such as providing API-based real-time FX trading service between the two companies. This will offer customers a seamless and efficient way to exchange foreign currencies in real time.

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