South Korea’s Shinhan Bank Collaborates with Wise

Wise, a London-based fintech company, announced today that Shinhan Bank, one of the leading banks in South Korea, has integrated with the Wise platform to bring cheaper and faster international transfers to its customers.

In an official press release, Wise mentioned that the new integration will allow Shinhan Bank customers to send money from USD to 27 countries across different parts of the world including Canada, the US, the UK and Australia.

Shinhan Bank is headquartered in Seoul. The financial services provider has more than 11 million customers. The latest integration will facilitate clients of Shinhan Bank in the Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term of fast and low-cost international transfers.

Commenting on the latest announcement, Ji Yong Kim, Deputy General Manager of International Trade at Shinhan Bank, said: “At Shinhan Bank, we want to make banking a convenient and pleasant experience. We’re delighted to be partnering with Wise to bring that to life, and make cheaper, faster international Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term available seamlessly for Shinhan Bank customers. Partnerships like this help us turn the traditional model on its head and enable a new, better way for people to manage their money internationally.”

In January 2021, Wise announced a global partnership with Visa to use Visa Cloud Connect infrastructure for the company’s international expansion.

Global Payments

During the latest announcement, Wise highlighted the recent developments in the global payments industry. The fintech company is currently working with several global banking platforms to make the process of international transfers quick and cost-effective.

“The internet has transformed the way we live and work, making speed, convenience, transparency and cost critical considerations for any business including banks looking to meet the modern customer’s expectations. At Wise, our goal is to make moving money across borders easier, faster and cheaper for everyone everywhere. Teaming up with Shinhan Bank today brings us closer to achieving this vision, and we are excited to be working with them to build money without borders for their 11 million customers,” Steve Naudé, Head of Product at Wise Platform said.