SentBe is preparing to launch its individual small-scale overseas remittance service globally. The move follows the launch of SentBiz KRW Collection for businesses needing Korean Won collection and multi-currency settlements within the Korean market.
Targeting those who need to send money outside of their country, SentBe’s individual remittance service facilitates remittances to home countries. The company claims $264 million in fee savings from 2016 to 2023.
“With SentBe’s innovative capabilities in the global fintech remittance market, we aim to solidify our standing as a global player,” CEO Alex Seong-Ouk Choi said.
SentBe said that by 2031, the digital overseas remittance market is expected to grow annually by 22% to reach $45.2 billion. The rise in migrant workers and the increasing prevalence of easy and quick remittance options, compared to traditional banking services, are accelerating this growth.
SentBe initiated its C2C service in 2016, focusing initially on migrant workers within Korea before expanding this service across various parts of Asia, including Singapore and Indonesia.
This expansion will benefit migrant workers and Korean expatriates in the countries where the service is offered, as well as students and other long-term residents of Korea.
Currently, SentBe’s C2C service supports remittances to more than 50 countries, including the United States, Thailand, the Philippines, and Malaysia, with the capability to complete transactions within a single day.
According to SentBe’s 2023 Business Impact Report, from 2016 to 2023, migrant workers using the C2C service saved $264 million in fees. Notably, 71% of these transactions were remittances sent back to Southeast Asia, indicating that the fees saved significantly boosted the amount of money workers could send home.
Additionally, SentBe is significantly enhancing cost reduction and operational efficiency for both domestic and international companies through its proprietary API settlement solution, SentBiz. This service offers tailored financial solutions to global corporations that require local settlements in individual countries.
From 2020 to 2023, companies utilizing SentBiz have realized $76 million in fee savings. The recently launched SentBiz KRW Collection provides a comprehensive one-stop service for international money transfer operators (MTOs), payment gateway (PG) providers, and global e-commerce platforms that need to collect Korean Won within the Korean market. This service simplifies complex financial processes by offering features such as multi-currency settlements in 31 currencies across 174 countries, enabling payment without the need for currency exchange through the use of secure virtual accounts
“We are continually researching the affordability, accessibility, and inclusiveness of SentBe’s offerings, as evidenced by our 2023 Business Impact Report,” Choi said. “Notably, 68% of transactions through our personal small-scale overseas remittance service occurred outside of traditional banking hours, and it was found that approximately 80% of transactions from our B2B client’s single requests consisted of multiple transactions, which were often processed on the same day.
“For corporate clients, eliminating the need to visit a bank not only enhanced accessibility but also significantly improved their operational efficiency.”
Choi said that 92% of all transactions across these services were completed within 24 hours of the request, and 90% of transactions over weekends were completed within one day.
SentBe said it is the first and only Korean fintech firm to have acquired a Singapore Cross-border Money Transfer Service License from the Monetary Authority of Singapore (MAS). This occurred in 2020.
