As part of its ongoing worldwide expansion, SentBe, the top fintech business in Korea, announced the formal launch of its international money transfer service in the United States. Customers can now send US money to more than 50 countries with better ease and at a lower cost than other remittance choices, including migratory workers in the US.
SentBe’s cross-border remittance services are centred on the needs of the consumer, and this strategy has allowed it to expand swiftly across Southeast Asia. SentBe established itself as one of the top remittance service providers in APAC in 2020 when it became the first Korean fintech startup to introduce personal remittance app services in Singapore and Indonesia. Customers in the region can now send money to 50 nations, including China, India, the Philippines, Vietnam, Canada, the U.K., France, and Korea, thanks to SentBe’s service being made available in the U.S.
SentBe, which was founded in 2015 and focuses on foreign exchange services, debuted its SentBe personal remittance service in 2016. Global money transfers have historically been difficult, expensive, and slow. However, customers of the SentBe service can send money in real time or up to one day to 50 countries at a tenth of the cost of conventional methods by utilising the mobile app or website. SentBe offers a variety of receipt methods based on the user’s preferences, unlike standard banking remittance techniques, which can only be used between other banks.
The World Bank estimates that the United States will have the largest outbound remittance market in the world in 2021 with personal transfers totaling $72,669 million. After Korea, Indonesia, and Singapore, the U.S. is the fourth nation where SentBe’s cross-border remittance services have been made available.
SentBe established a task force to launch its services in the U.S. By working with certifying organisations, government ministries, conventional financial institutions, and fintech partners in the U.S., SentBe laid the groundwork for its international money transfer operation. In order to provide users in the US with a seamless remittance experience, the company also carried out a comprehensive technological certification process.
According to SentBe CEO Alex Seong-Ouk Choi, “SentBe has been widely used by migrant workers across Asia, and the success in the region is based on our concentration on eradicating cross-border barriers and offering ease to clients.” We are bringing the same experience to the United States, one of the biggest financial markets in the world, and we will keep growing our service offerings in additional markets including Canada, Australia, and nations in Europe.
SentBe was the first Korean business to obtain a licence from the Monetary Authority of Singapore to provide cross-border money transfer services in 2019. (MAS). SentBe also gained clearance for the Singapore Payment Gateway (PG) licence in December 2021, allowing the business to provide B2B PG services that move money from Singapore to other nations. SentBe’s licences in Singapore, a significant regional centre for the financial and foreign currency markets, represent an effort on its part to grow its operations on the international market.
Automated FX Hedging System is a proprietary technology that belongs to SentBe (AHS). Through currency hedging, AHS reduces foreign exchange risks and lowers the cost of remittance services. With its own L&C (Legal & Compliance) staff of domestic and foreign lawyers that also manages foreign exchange risks, SentBe is the only Korean fintech business with this capability.
SentBe has lately received recognition for its position as a top fintech business on the international scene. At the SFF Global FinTech Awards 2022, a significant occasion of the Singapore FinTech Festival, CEO Alex Seong-Ouk Choi was recognised as one of the Top 10 FinTech Leaders in November 2022. (SFF). SentBe was selected for the fourth cohort of the Inclusive Fintech 50 (IF50), a global competition run by the CFI, a think tank with headquarters in the United States, in October 2022. The IF50 is a global innovation competition that seeks to find and recognise the most innovative, inclusive fintech startups with the potential to promote financial inclusion.
News Summary:
- Cross-border money transfer services are now available in US thanks to SentBe
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