Cross-border payment platform Currencycloud announced on Thursday it has launched remittance service in South Korea. This news comes nearly one year after forming a partnership with South Korean credit card company, Hyundai Card. According to the company, this news builds on its momentum in Asia-Pacific, with the UK-headquartered fintech signing 14 new partnerships in the region over the past year and growing the volume of payments in the region by 66% in the past year since Q1 2017. Currencycloud reported:
“These partnerships include agreements to process business payments between the West and China with X-Transfer and to deliver local payouts in Europe with Geoswift. A strategic partnership has also been signed with EasyPay to facilitate the collections process for Hong Kong merchant service providers. The remittance service with Hyundai Card demonstrates another possible outcome of these collaborations. The offering, which is underpinned by Currencycloud’s advanced API and facilitated by Shinhan Bank, enables Hyundai Card members to make faster and cheaper cross-border payments.”
While sharing more details about the expansion, Stephen Lemon, VP, Corporate Development and co-founder of Currencycloud, stated:
“Currencycloud has developed a strong presence in Europe, and after making inroads into the US, launching in Asia is a logical next step. Partnering with the second largest conglomerate in South Korea was an easy decision to make, as its reach and the sheer size of the market allows us to bring our leading technology to millions of end users who can then benefit from the combined product.”
Dae Young Chung, Team Lead of Overseas Remittance Service Team, added:
“We are excited to be democratising cross-border payments in South Korea through our partnership with Currencycloud and Shinhan Bank, by enabling customers to not only save money but also make international payments at the touch of a button.”