SINGAPORE, 1 April 2021 – Nium, an advanced global payments platform, announced today a partnership with SENTBE, a fintech company that offers cross-border payment platform, to enable Nium customers to make payments into South Korea. Nium customers are also able to extend this offering to their own consumers, thus adding a new payments corridor into one of the world’s largest economies.
South Korea has become an economic powerhouse, constantly ranking within the Top 10 when it comes to any global exporter and importer lists. With a focus on technological advancements, the country has also grown significantly in its adoption of cashless payments and often comes up top in the list. While much progress has been made to digitise payments within the domestic scene, the international business payments landscape continued to be plagued by complexities. Companies need to comply with different requirements depending on the mode of transfers, and there is also the added complexity of charges and conversations due to currency exchanges.
This partnership between SENTBE and Nium looks to address these scenarios and streamline payments into South Korea. By simplifying the transaction flows through the removal of middlemen and allowing local currency payments, businesses can ensure that instructed amounts are being credited in full to the accounts of vendors, suppliers and recipients without any unforeseen deductions or conversion charges in between. The process is also fully transparent within the portal or through Nium’s APIs, providing easier tracking and visibility for the accounting team.
Through this collaboration, which will see Nium integrating SENTBE’s APIs, Nium customers from around the world can now make the fund transfers directly to the banks of their partners and vendors in South Korea. Customers of Nium are also able to, in turn, extend this service to their end users.
“South Korea is one of the world’s biggest markets, and we’re glad to be partnering with SENTBE, one of the leading fintech companies in the country, to enable a faster and more convenient payments flow into the country for our customers. This partnership will not only help our customers overcome the complex challenges of sending local payments into South Korea, but also opens up payouts round the clock (24×7) into the country to facilitate business to business transactions,” says Ranaditya Palit, Global Product Head, Platform, Nium.
“SENTBE is very pleased to partner with Nium as the company possesses a strong financial network and outstanding customer trust. As an FX-focused solution company, SENTBE will provide a more cost-effective and faster cross-border payment services to Nium’s customers,” states Alex Choi, CEO of SENTBE. “This partnership outlines SENTBE’s growth plans to become a global payments company that offers reliable services by removing overseas payments barriers between the world and South Korea.”
All funds transferred can be initiated in any of the 40+ source currencies currently offered through Nium’s Send service and recipients will receive the payout in their local currency to all major banks in South Korea via SENTBE.
Nium is a next-generation financial services platform that enables companies around the world to unlock new revenue opportunities and improve cash flow economics.
Nium is a leader in its geographical and payment service breadth, owning licenses in the world’s largest and fastest-growing economies. Our modular platform allows banks, payment providers, travel companies, and other businesses to collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards globally. Our proprietary set of APIs embeds financial services and can bring to life multiple B2B and B2C use cases in a matter of weeks.
Nium is part of CB Insights Fintech 250, which highlights the most promising Fintech companies globally. Today, Nium serves over 130 million customers and enables platforms to provide access to financial services to over 3 billion people across the world.
For more information, visit: http://www.nium.com.
Founded in 2015, SENTBE has revolutionized overseas payments services with low fees, fast transaction speeds, and simple user experiences to create frictionless cross-border financial activities. SENTBE’s product offerings include overseas remittance platform “SENTBE”, enterprise overseas payment platform “SENTBIZ”, and payment settlement API for global e-commerce platform “SENDA”. With the launch of SENTBE GLOBAL, SENTBE will provide payment services globally to 50 countries around the world such as North America, South East Asia, Europe, etc. SENTBE has established a global network with partners such as Moneygram, Ripple, and Samsung Pay. It is the only South Korean company to have acquired a Major Payment Institution license in Singapore, in addition to its Korean Electronic Financial Business license, Other Specialized Foreign Exchange license, and Small Sum Overseas Remittance license.
For more information, visit: http://www.sentbe.com/en