Western Union expands in South Korea with ICB

By Leandra Monteiro

Western Union, a global leader in cross-border, cross-currency money movement and payments, announced the launch of its money transfer services with ICB, one of the leading FinTech companies in South Korea, offering customers seamless access to Western Union’s money transfer services via ICB’s mobile app – DEBUNK Remit.

DEBUNK Remit mobile app, available for Android and iOS, will enable senders from South Korea to send money to their loved ones for payout in cash and into bank accounts in select countries worldwide as a start, eventually scaling up to Western Union’s global financial payout network. Senders can fund their transactions through their bank accounts registered with the DEBUNK Remit mobile app.

The mobile app also enables receivers in South Korea to direct international Western Union money transfers into their DEBUNK Remit registered bank accounts, for transactions sent through Western Union’s digital money transfer services or Western Union’s worldwide retail Agent network. Receivers in South Korea can now receive the money by inputting the unique Money Transfer Control Number (MTCN) and other information into the DEBUNK Remit mobile app.

“By expanding our money transfer services in Korea, we are offering customers more access points to send and receive money,” said K. Premmananth, Head of Singapore, Indonesia and North Asia for Western Union. “Our alliance with ICB reinforces Western Union’s commitment to power digital-driven convenience, enhancing the customer experience.”

Premmananth added, “Western Union has always been about connecting people. Our strength lies in our deep financial services expertise and the technologies we employ to solve the complexities of cross-border money movement. We are excited to work with ICB to drive shared value through our services and support the needs of the people we jointly serve.”

“We are proud of this collaboration, enabling access for customers to more than 200 countries and territories and opening up a world of possibilities with the choice to send and receive money through an iconic brand like Western Union’s,” said Hanyong Lee, CEO of ICB. “With Western Union, we will be able to unlock new markets and facilitate smooth customer experiences bringing ease of use and accessibility to customers, which are among the most important conditions that drive money transfer decisions.”