Korea-based global money transfer fintech company, SentBe has launched its international money transfer service in the US.
The news represents significant progress for the company’s global expansion plans. US-based customers, including migrant workers in the US, are enabled to send US dollars to more than 50 countries.
US customers can now send remit money to the likes of China, India, the Philippines, Canada, the UK, France, and Korea. SentBe explained that it aims for the service to provide greater ease and lower rates than existing remittance options.
SentBe collaborated with a range of certification agencies, government ministries, traditional financial institutions and fintech partners in the US in order to prepare for the launch. The money transfer company also conducted a technical verification process to create a smooth remittance experience specifically for US users.
The US expansion becomes the fourth country in which the company successfully launched its cross-border remittance services. SentBe has already completed launches in Korea, Indonesia, and Singapore.
According research by the World Bank, the US is the largest outbound remittance market in the world with $72,669million transferred by individuals a year in 2021.
Bringing the SentBe experience to the US
Alex Seong-Ouk Choi, CEO of SentBe, commented on the launch in the US. He said: “SentBe has been widely used by migrant workers across Asia. The success in the region is based on our emphasis on removing cross-border barriers and bringing convenience to customers.”
“We are bringing the same experience to the US, one of the largest financial markets in the world, and we will continue to expand our services to other markets including Canada, Australia and countries in Europe.”
SentBe acquired a cross-border money transfer service license from the Monetary Authority of Singapore (MAS) in 2019. In December 2021, it received approval for the Singapore Payment Gateway (PG) license. The licence enabled it to provide a business-to-business PG service that sends remittances from Singapore to other countries.
The company also owns a proprietary technology ‘Automated FX Hedging System’. The system helps minimise foreign exchange risks through currency hedging and permits remittance services’ usage at decreased fees.
November 2022 saw Alex Seong-Ouk Choi named one of the ‘Top 10 fintech leaders’ at the SFF Global FinTech Awards 2022, one of the key elements of the Singapore FinTech Festival.