GlobalMoney Express Co. Ltd (GME), licensed as a small amount overseas money transfer operator by the South Korean Ministry of Strategy and Finance, has established itself as a household name by virtue of being the first non-bank remittance service provider in South Korea.
The challenge
When GME was set up, its founders knew that to gain a foothold in the South Korean money transfer market, it needed access to the widest remittance network possible with minimum effort. But making inroads into different countries required too much time because of regulative differences.
Plus, striking separate deals was simply not cost effective. What if customers weren't sending enough to a particular country to justify maintaining a presence there? It needed an international money transfer partner with established corridors that could provide the company with a business plan that keeps money transfers simple and affordable.
The Tranglo solution
Tranglo's single interface solution offers GME just the perfect single connection to 18 countries with one click. With Tranglo's coverage of 130,000 cash pickup points and 1,300 banks/wallets, GME can realise its goal of keeping its customers connected at all times.
Not only that, with no account maintenance charges or minimum monthly volume, GME can divert crucial operational expenditure towards expanding its local footprint, at the same time keeping its connection to these corridors intact, all thanks to Tranglo.
Further, GME can download detailed transaction records off Tranglo's smart API to observe customer trends and adjust its marketing priorities.
The result
Since joining Tranglo, GME has seen unprecedented growth and reach. With a YTD (October 2019) figure of 235,000 transactions worth over USD60 million processed securely by Tranglo, GME now has the number to sustain and expand its operations, enabling it to open 4 more branches around South Korea.
By taking advantage of Tranglo's easy-to-use platform that features comprehensive compliance screening, latest security protocols and one-click payment instruction, GME successfully lowers its opex and boosts its profit margins. This enables the company to translate these savings to its customers, truly benefiting everyone.
The quote
Tranglo has been a springboard for us to venture into the money transfer market and beat the competition. The Tranglo team is proactive and cooperative, and this makes communication easier.
GME director Subash Poudel
