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
“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.
