Sentbe, a South Korean international money-transfer company, is expanding its payout options and market reach in a partnership with the mobile cross-border payments network TransferTo.
The integration enables Sentbe users to send funds in real time to more than 60 countries in Singapore-based TransferTo’s network, and recipients may opt for payout via mobile wallet, bank account or cash at participating retail locations, according to a Wednesday press release.
For Sentbe, founded in 2015, the move improves efficiencies and provides a shortcut to growth, said Alex Choi, Sentbe’s CEO, in the release.
TransferTo for the last few years has expanded its role as a global remittance service partner to other companies looking to expand their reach.
“With this partnership, we are helping Sentbe to expand their global footprint and providing them with the infrastructure to enable their customers to transfer money across borders in a fast and secure way,” said Peter De Caluwe, TransferTo’s CEO, in the release.
Migrant workers are the largest group of foreign residents in South Korea, at about 1.2% of the total population and in 2016 South Koreans sent nearly US$4 billion to China alone, according to data from Pew Research Center.