SentBe brings cross border money transfer service to the United States
By Edlyn Cardoza
SentBe, one of Korea’s leading FinTech companies, announced the official launch of its international money transfer service in the U.S., a significant move in the company’s global expansion. Customers, including migrant workers in the U.S., can now send U.S. dollars to more than 50 countries with greater ease and at a lower rate than existing remittance options.
Established in 2015, SentBe specialises in foreign exchange services, and its personal remittance service of the same name SentBe was launched in 2016. Traditionally, the global money transfer process is complex, expensive, and slow. However, using the SentBe service via the mobile app or website, users can transfer money in real-time or up to one day to 50 countries at half the cost of traditional methods. While traditional remittance methods through banks can only take place between other banks, SentBe provides various receipt methods depending on the user’s preferable options.
With its customer-centric approach to cross-border remittance services, SentBe quickly grew its presence in Southeast Asia. In 2020, SentBe became the first Korean FinTech company to launch personal remittance app services in Indonesia and Singapore, further consolidating its position as one of APAC’s leading remittance service providers. Now with SentBe’s service available in the U.S., customers in the region can remit money to 50 countries, including China, India, the Philippines, Vietnam, Canada, the U.K., France, and Korea.
According to the World Bank, the U.S. is the largest outbound remittance market in the world, with $72,669 million transferred by individuals a year in 2021. The U.S. is the fourth country where SentBe’s cross-border remittance services have been introduced, following Korea, Indonesia, and Singapore.
“SentBe has been widely used by migrant workers across Asia, and the success in the region is based on our emphasis on removing cross-border barriers and bringing convenience to customers,” said SentBe’s CEO, Alex Seong-Ouk Choi. “We are bringing the same experience to the U.S., one of the largest financial markets in the world, and we will continue to expand our services to other markets including Canada, Australia and countries in Europe.”
To launch U.S. market services, SentBe formed a task force and has laid the foundation for international money transfer business by collaborating with certification agencies, government ministries, traditional financial institutions, and FinTech partners in the U.S. In addition; the company conducted a thorough technical verification process to create a smooth remittance experience for users in the US.
IBSi Daily News Analysis
February 28, 2024
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