Korean Fintech SentBe Expands Globally with New Remittance Service
SentBe, a fast-growing company in cross-border payments in the Asia-Pacific region, is making a big move into the global remittance market, which was worth $5.9 billion in 2022. They are now launching a new service for individuals who want to send money abroad.
This follows the launch of ‘SentBiz KRW Collection,’ enabling businesses to collect Korean Won and manage multi-currency payments in Korea.
The global remittance market is growing rapidly, expected to reach $45.2 billion by 2031 with a yearly growth rate of 22%. SentBe is entering this market just as the demand for fast, affordable remittance services is increasing. Their new individual remittance service is known for its low fees, quick transfers, and 24/7 availability, which has already saved users $264 million in fees from 2016 to 2023.
CEO Alex Seong-Ouk Choi is leading SentBe’s global expansion. The company has set up a base in Singapore, a major financial hub, to improve its international services. SentBe’s services are popular with migrant workers and expatriates because they are easy to use and efficient.
Since starting in 2015, SentBe has aimed to remove financial barriers with its innovative services. Their C2C service, introduced in 2016, initially helped migrant workers in Korea with secure, convenient, and low-cost money transfers.
The service now covers over 50 countries, including the U.S., Thailand, and the Philippines, with fees up to 90% lower.
A recent report from SentBe shows that 68% of transactions happen outside regular banking hours, proving the service’s convenience and efficiency. Their ‘SentBiz’ API solution has also helped businesses save $76 million in fees from 2020 to 2023.
CEO Choi highlights SentBe’s commitment to making its services affordable and accessible for both individuals and businesses. As the company continues to grow internationally, it aims to become a leading provider of cross-border payment solutions.
SentBe, the first Korean fintech to secure a Cross-border Money Transfer License from Singapore’s MAS, strengthens its global operations.