Cross-border payment platform Currencycloud announced on Monday it is teaming up with Hyundai Card to enable the launch of South Korea’s first mobile remittance service provided by a credit card company. The service will be established by Currencycloud and Hyundai Motor Group’s credit issuing arm in conjunction with Shinhan Bank. It launches soon and will be available through Hyundai Card’s Global Remittance application.
While sharing details about the partnership and service, Wookyung Chang, Hyundai Card’s Head of Digital Strategy Department, stated:
“With just a few touches on the mobile phone, people will be able to remit their money using their credit card account. This will open the new era of personalized digital financial services in Korea.”
Currencycloud noted that the partnership also marks a significant step forward into the Asian market. The company previously raised $25 million during its Series D funding round with backing from investors GV, Notion Capital, Sapphire Ventures, Rakuten and Anthemis. Along with the US, the Asian market is a significant growth area for the company, which is in the process of securing regulation in Singapore. Currencycloud’s Co-founder and Vice President Stephen Lemon, shared:
“It’s great to see the FinTech movement take hold and the subsequent revolutionary shift in the nature of international payments for South Korea. There is a huge opportunity to streamline and improve the customer experience for remittances in this new market and we’re delighted to play such a pivotal role. As a digital powerhouse with a strong history of world-leading innovation, Hyundai is perfectly placed to embrace the opportunities FinTech presents to this region. We’re truly excited to partner with one of the biggest conglomerates in one of the most tech-driven countries and look forward to future opportunities across the Asian market.”
Jongyoon Kim, Hyundai Card’s Vice President added:
“Fintech is evolving dramatically across the globe and we are proud to be pioneering South Korea’s first remittance service by a non-bank. With its strong reputation for driving innovation across financial services on a global level and world-leading API technology, Currencycloud is the perfect partner for this exciting new offering from Hyundai.”