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SINGAPORE, Oct. 13, 2020 /PRNewswire/ — Global fintech infrastructure platform Nium announced today a partnership with the Republic of Korea’s leading digital remittance provider E9pay to expand and enhance remittance offerings for E9pay’s corporate and individual customers. The expanded offerings include real-time[1] international money transfers to new markets, such as major corridors in Europe, Indonesia, India, and the US for E9pay’s customers.
The remittance industry in South Korea has grown significantly since the deregulation of remittance[2] back in 2008. Known as one of the most technologically advanced markets in the world[3], South Koreans have quickly integrated money transfers with financial technology, and most do not carry cash around these days. While the country has been successful in its push towards being cashless within its borders, overseas money transfers are largely conducted bank wire transfers[4], which can be expensive and time-consuming.
Through this partnership with Nium, E9pay looks to leverage Nium’s trusted services and extensive network to simplify remittance processes for both individuals and businesses doing outbound transactions, enabling these international monetary transfers to be done more quickly and at a lower cost. The expansion of digital remittance corridors is also part of E9pay’s efforts to ramp up their digital cross-border payments offerings to commercial merchants, who are increasingly turning to digital financial solutions for their cross-border payment needs.
“South Korea’s digital infrastructure is one of the best in the world – the country boasts one of the highest Internet speed and mobile connectivity[5]. Yet the overseas digital payments scene has yet to catch up due to complex legacy systems. Nium is always looking to improve remittance experience and business efficiency through the introduction and facilitation of financial technology, and we are proud to be working with E9pay to improve the cross-border digital payments service offering in South Korea,” said Michael Minassian, Vice President and Regional Head of Consumer and SME Business, Nium.
“As an industry leader in Cross-Border Money Transfer Market for migrants and individual money senders in South Korea, we are delighted to bolster our Cross-Border Payments B2B business through the partnership with Nium,” said Mr. Jeon Hyuk Goo, CEO in E9pay Co., Ltd.
“In an increasingly competitive money transfer industry, it is crucial to provide reliable B2B and commercial PG (Payment Gateway) services, and we believe that our partnership with Nium, can help us expand our B2B offerings in such a highly competitive market.“
Starting from today, E9pay individual and business customers can access real-time cross-border payment capability directly through their E9pay’s app (iOS and Android) and business portal.
Nium currently operates its Send, Spend and Receive business in over 100 countries, 65 in real-time. For more information about Nium’s enterprise offerings, please visit https://www.nium.com.
About E9 Pay
E9pay is the first company to acquire the Overseas Remittance Business No. 1 License from Ministry of Economy and Finance (MOEF) of South Korea, providing overseas remittance/receipt services to/from 126 countries as of September 2020.
E9pay boasts global partnerships with major players in the market. As a trusted leader in overseas remittance in Korea, which is growing rapidly, E9pay obtained Innovative Financial Service from MOEF, which was provided financial services differentiated from existing financial techniques by utilizing new IT technologies in July 2019, E9pay provides secure real-time transfers so that beneficiaries can receive money safely through innovative Korean Open-Banking service.
For more information, visit: https://www.e9pay.co.kr/
About Nium
Nium is a global financial technology platform redefining the way consumers and businesses send, spend and receive funds across borders. The company is continuously innovating to provide the most relevant and agile solutions to meet the needs of consumers and businesses, having evolved from solely focusing on consumer remittance via InstaReM, to also providing fintech solutions for businesses. Nium is regulated in Australia, Canada, European Union, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, United Kingdom and the United States of America, and processes billions of dollars a year for banks and payments institutions, the next generation of e-commerce players, OTAs and retail users across the world. Nium’s investors include Visa, BRI Ventures, Vertex Ventures, Vertex Growth, Fullerton Financial Holdings, GSR Ventures, Rocket Internet, Global Founders Capital, SBI Japan, FMO (Netherlands Development Finance Company), MDI Ventures, Beacon Venture Capital and Atinum Investment.
For more information, visit: https://www.nium.com.
Media Contact
E9pay
Media Communication Team
info@e9pay.co.kr
+82-2-877-7200
Nium
Gillian Loo
Gillian.loo@nium.com
+65-9863-8120
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