Nium, the firm enabling real-time global payments, and Jeonbuk Bank (JB Bank), aSouth Korean financial institution, have announced a partnership.
Together, they will offer the country’s first global remittance service “targeted at the 2.5 million non-Korean residents that live in South Korea.”
The service will provide affordable and reliable global payment solutions to this community, giving them “access to the financial tools they need to thrive in an increasingly interconnected world.”
Hyunkwun Oh, Deputy CEO at Jeonbuk Bank, said:
“South Korea is experiencing significant growth in its non-Korean resident population, and we look to them to boost economic growth. We are proud to partner with a global leader, such as Nium, to develop various banking products, from loans to real-time remittance services for foreign immigrants in South Korea. We will continue to develop better banking services for non- Korean residents as a part of our financial inclusion strategy.”
One of the core objectives of this partnership is to “provide faster, more reliable, and cost-effective remittance services. By leveraging Nium’s expertise in cross-border payments and Jeonbuk Bank’s strong local presence and customer base, the partnership is poised to deliver real-time payment services (RTP) with an unparalleled level of reliability and affordability.”
This benefits both foreign workers and non-Korean residents who “can now enjoy a more competitive pricing structure for their remittance needs.”
Anupam Pahuja, Executive Vice President and General Manager of Asia Pacific, MENA at Nium, said:
“Addressing the financial needs of the vast immigrant workforce living and working abroad, with the challenge of sending money back home, is a global imperative. We are thrilled to collaborate with Jeonbuk Bank to create a meaningful impact in the lives of underbanked individuals, particularly those who are part of this sizable community in South Korea. Navigating obstacles in remittances, including the complexity and cost involved, has been a significant barrier. Through this partnership, we aspire to streamline this process, making it easier for immigrant workers send money back home by delivering accessible, efficient, and affordable financial services.”