Ripple’s partner and South Korea’s leading fintech company, SentBe, has launched an international money transfer service in the United States.
Following the launch of SentBe’s cross-border money transfer service, migrant workers and customers can leverage the service to move money to over 50 countries, including South Korea, China, the U.K., India, and France.
SentBe will help its users efficiently complete the transaction at a lower rate than existing money transfer services in the United States, the company noted in a recent press release.
Commenting on the development, Alex Seong-Ouk Choi, CEO of SentBe, said in a statement that migrant workers had widely adopted the company’s service across Asia. These migrant workers have recorded tremendous success using the service in Asia due to SentBe’s emphasis on eliminating cross-border remittances barriers while giving customers convenience.
“We are bringing the same experience to the U.S., one of the largest financial markets in the world, and we will continue to expand our services to other markets, including Canada, Australia, and European countries,” Choi added.
The Road Toward Launching A Money Transfer Service in the U.S.
Per the announcement, before launching the money transfer service in the U.S., SentBe first formed a task force required to lay the foundation for the company’s international money transfer business.
The task force also fostered partnerships between SentBe and U.S.-based certification agencies, traditional financial institutions, and fintech companies, including Ripple. Furthermore, SentBe also conducted a thorough technical verification process to create a hitch-free remittance experience for U.S. clients.
Launched in 2016, SentBe enables its users to transfer money in real-time to 50 countries through its mobile app or website. Launching its money transfer service in the United States is imperative given that the World Bank considers the country the largest outbound remittance market globally, it claimed.
SentBe’s prowess in cross-border remittance has helped the company to receive regulatory approval from different regulatory bodies. It bears mentioning that SentBe became the first Korean company to secure a money transfer service license from the Monetary Authority of Singapore (MAS).
Ripple’s Role in Boosting SentBe’s Services
Meanwhile, Ripple played a significant role in SentBe’s prowess in global cross-border remittances. In an article dated March 19, 2020, Ripple highlighted how it is helping SentBe to bolster financial inclusion for migrant workers in South Korea by providing faster cross-border payments.
Notably, SentBe partnered with SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, to improve the inefficient financial service offered by traditional banks. J Young Lee, SentBe’s co-founder, spoke about the company’s partnership with Ripple, saying:
“Cross-border payments are typically expensive and time-consuming, but with RippleNet’s help, we’ve made them faster, cheaper, and more convenient.”