SentBe named 2022 inclusive Fintech 50 winner

• 50 top startups driving financial inclusion worldwide honored in competition organized by the Center for Financial Inclusion

• SentBe recognized for its innovative, affordable and convenient cross-border money transfer service made simpler, easier and more accessible for migrant workers

• SentBe presents data-driven impact and lessons learned from migrant and business users’ real-world transactions at Financial Inclusion Week 2022

SEOUL, South Korea, 17 October 2022 /PRNewswire/ — SentBe Inc., South Korea’s leading fintech company specializing in cross-border money transfers, today announced that it has been named to the fourth cohort of the Inclusive Fintech 50 (IF50). IF50 is a global innovation competition that aims to identify and elevate pioneering, new inclusive fintech companies that have the potential to drive financial inclusion. The IF50 highlights high-potential fintech startups that address constraints in financial services for unserved or underserved customers.

Founded in 2015 with a mission to “build borderless finance for more”, SentBe is a fintech company that offers innovations in international transactions for both consumers and businesses. As recognized by IF50, SentBe’s customer-to-customer (C2C) money transfer service of the same name has made an impact on the market. While driving growth by becoming one of Korea’s top digital transfer services in terms of transaction volume, SentBe has strategically managed its impact on financial inclusion by focusing on inclusion, affordability and accessibility. Based on the efforts, SentBe was selected as one of the 50 winners from a global pool of hundreds of qualified applicants.

Among SentBeof its total active users, 69 percent appear to have nationality in, and send money to, low- and middle-income countries. Given the fact that only twenty-seven percent of registered foreigners in Korea are migrant workers from lower-income countries, SentBe targeting and serving one of the smaller demographic segmentations.

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SentBeits fee is up to eighty percent lower than the fees of Korean banks. In total, SentBehas reached its accumulated transaction amount 93 million USD starting in 2022. In addition SentBeits fee rate, 1.2 percent of the total transfer amount on average, has already exceeded one of the UN Sustainable Development Goals (UN SDGs), which aims to reduce fees to less than 3 percent of the transaction costs of migrant transfers by 2030.

Sixty-four percent of SentBeTotal transactions by migrant users were made during times when banks are closed. This demonstrates SentBeits advantage in ease of use, since the service is available 24 hours a day, seven days a week. Seventy-four percent of SentBeIts transactions were also completed within a day, even on weekends.

“SentBe’s inclusion in the list of IF50 2022 winners validates the firm’s commitment to making our cross-border money transfer services inclusive and impactful based on our data analytics and sound digital infrastructure,” said SentBe CEO Alex Choi. “We will continue to focus on removing barriers in foreign exchange services and making it easier for those who are often marginalized in financial services – especially migrant workers around the world.”

“I believe it is possible to make money and value at the same time, as SentBe has been and will do. At SentBe, I have worked on handling and deepening impacts in such ways. I believe that SentBe’s approach is about producing strict evidence that will inform decision-makers and businesses to make different types of financial services and products more inclusive for everyone,” said SentBe’s Head of Business Impact, Hanna Yim.

The IF50, in its fourth year, is a global competition run by CFI, a US-based think tank. The annual competition selects 50 top technology startups driving financial inclusion for billions of underserved people around the world. The finalists are selected by an independent panel of expert judges from leading venture capital, technology and financial services firms. The list highlights the most promising fintech startups that offer innovative credit, insurance, savings and other critical financial services to unbanked, marginalized and vulnerable populations.

In addition to its nomination as one of the winners of the 2022 IF50, SentBe will host a session at CFI’s Financial Inclusion Week 2022, an annual virtual event taking place at 17-20 October, where inclusive finance stakeholders gather to learn from each other and share important findings. SentBe’s session, titled “Impact and Lessons from a Real FinTech in Cross-border Money Transfer for Migrants and MSMEs in Korea,” will showcase its measured impacts and users’ unique financial behavior observed from real transaction data.

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.

About the IF50

The Inclusive Fintech 50 identifies promising early-stage fintechs driving financial inclusion worldwide through a competitive process led by an independent panel of judges from venture capital, technology and financial services. Applicants are assessed on the extent to which their target market includes underserved individuals or businesses, and whether their innovation provides a new value proposition, demonstrates early-stage traction and can have a tangible impact on the more than 3 billion economically underserved people globally. Inclusive Fintech 50 is sponsored by Visa, MetLife Foundation and Jersey Overseas Aid & Comic Relief, with support from Accion and IFC. The initiative is led by the Center for Financial Inclusion (CFI). Learn more at www.inclusivefintech50.com.

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SOURCE SentBe