Sentbe, a South Korean international money transfer company has signed a partnership deal with Tranglo to expand its global footprint. This will enable Sentbe's users to send funds electronically across Tranglo's extensive network at lower rates compared to traditional remittance methods.
In 2016 alone, South Korea sent out US$5.7 billion and received US$6.4 billion in remittance. With the improving global economy, remittance worldwide is expected to continue growing by 4.6 percent to $642 billion in 2018.
"The demand for cross-border money transfers will continue to rise as the world becomes more integrated. We are proud to partner with Sentbe to provide the platform for them to expand their coverage and provide a more affordable remittance service for their customers," said Hui Yong Sia, director of Tranglo.
"I believe cross-border partnership is one of the most important factors of successful overseas remittance business. Tranglo's extensive and reliable global network helped us to scale and improve our service in more efficient ways. By maintaining this close relationship with Tranglo, Sentbe seeks to get closer to our mission to deliver innovative inspiration throughout the world," said Sentbe CEO, Seongouk Choi.
Tranglo is a global cross-border payment processing hub that supports business payments, mass payout, payment collection, money transfer and mobile top up with offices in Kuala Lumpur, Jakarta, Dubai and London. Our service spans across more than 100 countries, serving over 250 mobile operators, 100 billers, 600 banks/wallets and 90,000 cash pickup outlets. Founded in 2008, Tranglo is a proven partner with a 10-year track record of success. For more info on Tranglo, please visit www.tranglo.com, www.linkedin.com/company/tranglo or www.facebook.com/tranglo
Sentbe's mission is to constantly question traditions in finance and find innovative solutions to inspire the world. As the first step, Sentbe provides faster, easier, and more affordable international money transfer services to and from Korea and the world. Founded in 2015, Sentbe is headquartered in Busan, Korea, with regional offices in Seoul, Korea, and Singapore. Sentbe Inc. is authorized by the Ministry of Strategy and Finance under the Foreign Exchange Transaction Act (Amended by Act No. 14525, Jan. 17, 2017), licensed (Ref. 2017-12) to conduct small sum international money transfer businesses. For more information, please visit: www.sentbe.com