Global fintech infrastructure platform Nium has announced a partnership with the Republic of Korea’s leading digital remittance provider E9pay to expand and enhance remittance offerings for E9pay’s corporate and individual customers. The expanded offerings include real-time international money transfers to new markets, such as major corridors in Europe, Indonesia, India, and the US for E9pay’s customers.
The remittance industry in South Korea has grown significantly since the deregulation of remittances back in 2008. Known as one of the most technologically advanced markets in the world South Koreans have quickly integrated money transfers with financial technology, and most do not carry cash around these days. While the country has been successful in its push towards being cashless within its borders, overseas money transfers are largely conducted bank wire transfers, which can be expensive and time-consuming.
“South Korea’s digital infrastructure is one of the best in the world – the country boasts one of the highest Internet speed and mobile connectivity. Yet the overseas digital payments scene has yet to catch up due to complex legacy systems. Nium is always looking to improve remittance experience and business efficiency through the introduction and facilitation of financial technology, and we are proud to be working with E9pay to improve the cross-border digital payments service offering in South Korea,” said Michael Minassian, Vice President and Regional Head of Consumer and SME Business, Nium.
Through this partnership with Nium, E9pay looks to leverage Nium’s services and network to simplify remittance processes for both individuals and businesses doing outbound transactions, enabling these international monetary transfers to be done more quickly and at a lower cost. The expansion of digital remittance corridors is also part of E9pay’s efforts to ramp up their digital cross-border payments offerings to commercial merchants, who are increasingly turning to digital financial solutions for their cross-border payment needs.
Jeon Hyuk Goo, CEO in E9pay said: “As an industry leader in Cross-Border Money Transfer Market for migrants and individual money senders in South Korea, we are delighted to bolster our Cross-Border Payments B2B business through the partnership with Nium. In an increasingly competitive money transfer industry, it is crucial to provide reliable B2B and commercial PG (Payment Gateway) services, and we believe that our partnership with Nium, can help us expand our B2B offerings in such a highly competitive market”
E9pay individual and business customers can now access real-time cross-border payment capability directly through their E9pay’s app and business portal.