Samsung Pay Money Transfer Operator Sentbe Partners with Ripple & MoneyGram
- Sentbe joins forces with MoneyGram and Ripple
- The licensed South Korean fintech startup is the money transfer operator of Samsung Pay
- Sentbe is also in partnership with TransferTo, which has been working with Stellar Networks since last year
Ripple and its latest partner MoneyGram both added a new partner to their list, Sentbe. The global money transfer and payment company signed a contract with the South Korean fintech company Sentbe on July 19.
This partnership makes Sentbe, the first MoneyGram virtual agent in South Korea.
“Enhancing our product offering in South Korea is a strategic move that accelerates our digital transformation in the region,” said MoneyGram head of APAC and South Asia, Yogesh Sangle.
A fintech startup, Sentbe is licensed as a financial institution in South Korea that accumulated millions of Korean Won worth of transactions as of July 2019.
“With an increasing number of foreign residents and growing numbers of working populations from neighboring Asian countries, working with Sentbe will further improve financial inclusion in South Korea,” Sangle added.
Sentbe, Samsung Pay & TransferTo
Earlier this year, Samsung Electronics Co. announced that it has begun the beta version of its overseas remittance service on its mobile payment system Samsung Pay. The project took effect in partnership with local foreign money transfer operators Sentbe and Hanpass.
Samsung Pay allows users to wire money internationally via their mobile phone in 17 countries including the US, China, and Japan.
Meanwhile it has already partnered with TransferTo, a global cross-border mobile payments network for emerging markets. TransferTo announced a strategic partnership with Stellar Network (XLM) in July 2018.
Last month, Ripple entered into a strategic partnership with MoneyGram and provided a capital commitment of $50 million.
Now, in a three way partnership, Sentbe has joined hands with both MoneyGram and Ripple to power up cross border money transfers.