Western Union Expands South Korea Presence, Partners with ICB

Western Union, one of the major cross-border payments Cross-Border Payments Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, bank Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, bank Read this Term service providers, has expanded its presence in South Korea with its latest partnership with the local fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term firm, ICB.

Announced on Monday, the partnership between the two will allow South Korean customers to access Western Union’s money transfer services from DEBUNK Remit, the mobile application of ICB.

“By expanding our money transfer services in Korea, we are offering customers more access points to send and receive money,” K. Premmananth, Western Union’s Head of Singapore, Indonesia and North Asia, said.

“Our alliance with ICB reinforces Western Union’s commitment to power digital-driven convenience, enhancing the customer experience.”
Initially, the services for sending money from South Korea will be available only to a few countries, but then they have plans to scale this up by adding the entire Western Union’s global financial payout network.

Remittance receivers in South Korea can also receive the money directly into their registered bank account.

South Korea Is in Focus

Earlier this year, Western Union partnered with another South Korean company, Travel Wallet, allowing similar cross-border money transfer services with that platform.

ICB’s CEO, Hanyong Lee said: “We are proud of this collaboration, enabling access for customers to more than 200 countries and territories and opening up a world of possibilities with the choice to send and receive money through an iconic brand like Western Union’s.”

“With Western Union, we will be able to unlock new markets and facilitate smooth customer experiences bringing ease of use and accessibility to customers, which are among the most important conditions that drive money transfer decisions.”

Meanwhile, Western Union suspended its operations in Russia and Belarus over the ongoing invasion of Russia into Ukraine. Furthermore, it stepped up to help Ukrainians receive donations to support humanitarian relief efforts with fee-free money transfer services.