One of the world’s largest money transfer companies, MoneyGram, has announced a partnership with Sentbe, another money transfer company based in South Korea, making the latter the first MoneyGram virtual agent in the country.
This collaboration between the two companies was expected to accumulate billions of Korean Won worth of transactions in July alone, providing users with a range of digital money transfer options. MoneyGram’s Head of APAC and South Asia, Yogesh Sangle, said that this was a strategic move that would accelerate MoneyGram’s digital transformation in the region. He added,
“With an increasing number of foreign residents and growing numbers of working populations from neighboring Asian countries, working with Sentbe will further improve financial inclusion in South Korea and we are proud to share a legacy of customer commitment through this collaboration.”
Sentbe’s CEO, Alex Choi, welcomed the partnership as well. Choi claimed that the partnership with MoneyGram had come at the right time, with the company in a better position to meet the demands of its users through “tech-savvy solutions within this space.” Sentbe is looking forward to witness the change this will bring to the diverse community, Choi said.
Almost a month back, MoneyGram had entered into a strategic partnership with Ripple, a collaboration that enabled the latter to become MoneyGram’s key partner for cross-border payments and foreign exchange settlement using digital assets. Thus, MoneyGram might not be the only one extending relations with Sentbe. The San Francisco-based Ripple might be too. Sentbe recently updated their website, which now reads that the company has partnered with “world-class fintech, Ripple.”
While Ripple has not made an official statement about this, it was found that Sentbe is also the money transfer operator for SamsungPay in South Korea, leaving the door open for Ripple to swoop in.