- Korean-based fintech firm Sentbe has inked a deal with SBI Ripple Asia, an offshoot of SBI Holdings, and Ripple to enhance cross-border remittances.
- The deal is meant to help Sentbe serve the huge population of Korean migrant workers in a better way.
According to J Young Lee, Sentbe's head of strategy, cross-border remittances are generally costly and time-consuming but with RippleNet coming on board, Sentbe has made the process faster, cheaper, as well as, convenient. Lee added that Sentbe wants the numerous migrant workers in Korea to have an easy and efficient way of ensuring their families get money in a timely and hassle-free way.
Enhancing cross-border remittances means that migrant Korean workers will no longer have challenges with the cost, convenience, speed as well as transparency. In most instances, senders are not privy to hidden costs such as FX conversion rates as well as transaction fees from the recipient’s end. Also, remittances are slow, taking at least 2-3 days depending on the destination.
In the press release, Lee explained that migrant workers, who only get 1 day off per week, will no longer have to spend their day off waiting for hours to send money back home to their loved ones. It will now take less than 5 minutes to send the money using their mobile devices.
Initially, Sentbe wanted to use XRP but its 2017 license issued by Korean authorities does not grant the use of virtual assets for settlements. Sentbe was, however, quick to identify that Ripple’s technology coupled with its network, provided the essential cost-effectiveness, convenience, and speed that its customers deserve.
Lee explained that Sentbe realized that RippleNet had access to a wide network of financial institutions as well as Banks. RippleNet comes with a solitary as well standardized integration process. This means that Sentbe can connect faster with partners around the world.
Currently, Sentbe offers transfer services to users based in Korea to about 25 corridors in the region and plans are underway to increase its reach. The firm has now connected with DeeMoney through RippleNet which is based in Thailand.
You can see the full interview with Sentbe's head here: