Member Article

Currencycloud has launched the first non-bank remittance service in South Korea

London-based cross-border payments platform Currencycloud has partnered with South Korea’s Hyundai Card to launch the first mobile remittance service by a credit country in the Far Eastern country.

The new service will see the FinTech startup and Hyundai’s credit issuing arm work together with Shinhan Bank to facilitate payments overseas more efficiently and cheaper than current methods, which in South Korea still predominantly rely on larger financial institutions.

Available through the Hyundai Card Global Remittance app, Currencycloud’s api will underpin the technology which will allow users to carry out transfers with just a few taps on their smartphone.

It comes as the UK startup looks to make inroads into the Far Eastern market following its $25m Series D round which included backing from the likes of GV and Notion Capital.

Currencycloud’s Co-founder and Vice President Stephen Lemon, commented: “It’s great to see the FinTech movement take hold and the subsequent revolutionary shift in the nature of international payments for South Korea.

“There is a huge opportunity to streamline and improve the customer experience for remittances in this new market and we’re delighted to play such a pivotal role.”

Jongyoon Kim, Hyundai Card’s Vice President said: “FinTech is evolving dramatically across the globe and we are proud to be pioneering South Korea’s first remittance service by a non-bank.

“With it’s strong reputation for driving innovation across financial services on a global level and world-leading API technology, Currencycloud is the perfect partner for this exciting new offering from Hyundai.”

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