Seoul, South Korea: GmoneyTrans, Korea’s online money transfer startup, has combined forces with Tranglo to launch mobile remittance service in Korea. With this collaboration, migrants around the world can now send money through their mobile devices to and from Korea using the GmoneyTrans app.
Immigration to the country has been increasing over the past decade to combat an aging population and low fertility rates to meet the demand for workers. There are 1.5 million registered foreign nationals, just under 3 percent of the population of 51.5 million. In 2016, South Korea received US$6.4 billion and sent out US$5.7 billion in remittance.
“We’re excited to partner with GmoneyTrans to make remittance easier for the people of Korea, especially migrant workers and those living overseas. We believe through our platform, they will be able to offer more cost effective ways for their customers to transfer money back home,” says Sia Hui Yong, Director of Tranglo.
Speaking on the occasion, GmoneyTrans CEO, Mr. Kim Jong Moo said: “Remittance should be embedded in consumer’s daily life and we are excited to collaborate with Tranglo who has a strong network base to serve the diaspora around the globe. We are sure that this partnership will add value to thousands of customers base.”