The recent press release revealed the launching of an International Money Transfer Service in the United States.
The launch implies that 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.
According to the press release, the centre will help its users efficiently complete the transaction at a lower rate than existing money transfer services in the United States.
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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.
International Money Transfer Service In The United States
“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.
As stated in the update, the SentBe first created a task force to lay the foundation for the company’s international before it was launched.
Consequently, the task force created also fostered collaboration 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.
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Furthermore, the SentBe’s skill 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).
An article posted by Ripple on March 19, 2020, highlighted how it is helping SentBe to bolster financial inclusion for migrant workers in South Korea by providing faster cross-border payments.
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.”