SentBe brings cross-border money transfer service to the US

• US customers, including migrant workers, Korean residents and international students, can transfer money to over 50 countries at a fee 90% lower than those offered by traditional methods

• SentBe to offer a higher level of global money transfer services in the US market based on the company’s success in Asia market

SEOUL, South Korea, 10 January 2023 /PRNewswire/ — SentBe, Korea’s leading fintech company, today announced the official launch of its international money transfer service in the United States, a significant step in the company’s global expansion. Customers, including migrant workers in the US, can now send US dollars to more than 50 countries with greater ease and at a lower rate than existing payment options.

SentBe was established in 2015 and specializes in foreign exchange services, and its personal transfer service of the same name SentBe was launched in 2016. Traditionally, the global money transfer process is complex, costly and slow. However, by using the SentBe service via the mobile app or website, users can transfer money in real-time or up to one day to 50 countries at a tenth of the cost of traditional methods. While traditional transfer methods through banks can only take place between other banks, SentBe offers different receipt methods depending on the user’s preferred options.

With its customer-centric approach in cross-border transfer services, SentBe was able to rapidly increase its presence in Southeast Asia. In 2020, SentBe became the first Korean fintech company to launch personal money transfer app services Indonesia and Singapore, further cementing its position as one of the leading providers of money transfer services in APAC. Now with SentBe’s service available in the US, customers in the region can transfer money to 50 countries included China, India, The Philippines, Vietnam, CanadaGreat Britain, Franceand Korea.

According to the World Bank, the United States is the largest market for outgoing remittances in the world 72,669 million dollars transferred by individuals in the year of 2021. The US is the fourth country where SentBe’s cross-border money transfer services have been introduced, after Korea, Indonesiaand Singapore.

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“SentBe has been widely used by migrant workers across the board Asiaand the success in the region is based on our emphasis on removing cross-border barriers and providing customers with convenience,” said SentBe CEO, Alex Seong-Ouk Choi. “We bring the same experience to the US, one of the largest financial markets in the world, and we will continue to expand our services to other markets, including Canada, Australia and land in Europe.”

To launch US market services, SentBe formed a working group and has laid the foundation for international remittance business by collaborating with certification agencies, government departments, traditional financial institutions and fintech partners in the US. In addition, the company carried out a thorough technical verification process. to create a smooth transfer experience for users in the United States.

In 2019, SentBe was the first Korean company to acquire a license for cross-border money transfer services from the Monetary Authority Singapore (MAS). IN December 2021SentBe also received approval for the Singapore Payment Gateway (PG) license, which allows the company to offer B2B PG service sending money transfers from Singapore to other countries. SentBe’s licenses in Singaporea prominent hub for financial and currency markets in the region, demonstrates its efforts to expand its operations in the global market.

SentBe also owns a proprietary technology called the Automated FX Hedging System (AHS). AHS minimizes currency risk through currency hedging, so money transfer services can be used for lower fees. SentBe is the only Korean fintech company that has its own L&C (Legal & Compliance) team of national and international lawyers who also handle currency risks.

SentBe has recently been recognized for its position as a leading fintech company in the global market. IN November 2022CEO Alex Seong-Ouk Choi was named one of the top 10 FinTech leaders at the SFF Global FinTech Awards 2022, a key event of the Singapore FinTech Festival (SFF). IN October 2022SentBe was included in the fourth cohort of the Inclusive Fintech 50 (IF50), a global competition run by CFI, a US-based think tank. companies that have the potential to drive financial inclusion.

About SentBe

Established in 2015, SentBe is a global fintech company specializing in foreign exchange services with a mission to build borderless finance for more. With lower fees, faster transfer speeds and simpler processes, SentBe is a national market leader in international money transfers, enabling individuals and businesses to send money across 50 countries. SentBe has various financial offers, including C2C services, SentBeas well as B2B with SentBizan international money transfer and payment service for businesses, and SEND ONEa global e-commerce settlement API service.

In addition to its business success in Korea, Singapore and IndonesiaSentBe plans to expand operations to the US, Canada, Europe, Japanand Australia. Based on its success in domestic and APAC markets, the company continues to strengthen its position as a cross-border foreign exchange solutions provider specializing in foreign exchange services. SentBe is the only company in the market that runs its own business impact team. The company is deeply committed to the UN’s Sustainable Development Goals (SDGs) by aligning its business tactics with these goals to address economic issues alienating migrant workers and businesses by 2030.

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SOURCE SentBe