Nium, the Singapore-based real-time global payments, and Jeonbuk Bank (JB Bank), a South Korean financial institution, have announced a partnership on global remittance service.
Nium said in a statement on Tuesday that under the partnership, the duo will offer the global remittance service targeted at the 2.5 million non-Korean residents that live in South Korea.
According to the statement, the service will provide affordable and reliable global payment solutions to this community, giving them access to the financial tools they need to thrive in an increasingly interconnected world.
:We are proud to partner with a global leader, such as Nium, to develop various banking products, from loans to real-time remittance services for foreign immigrants in South Korea,
“We will continue to develop better banking services for non-Korean residents as a part of our financial inclusion strategy,” he added.
According to the statement, one of the core objectives of this partnership is to provide faster, more reliable, and cost-effective remittance services.
By leveraging Nium’s expertise in cross-border payments and Jeonbuk Bank’s strong local presence and customer base, the partnership is poised to deliver real-time payment services (RTP) with an unparalleled level of reliability and affordability.
“Addressing the financial needs of the vast immigrant workforce living and working abroad, with the challenge of sending money back home, is a global imperative,
“We are thrilled to collaborate with Jeonbuk Bank to create a meaningful impact in the lives of underbanked individuals, particularly those who are part of this sizable community in South Korea,” said Anupam Pahuja, Executive Vice President and General Manager of Asia Pacific, Middle East and Africa at Nium.
“Navigating obstacles in remittances, including the complexity and cost involved, has been a significant barrier,
“Through this partnership, we aspire to streamline this process, making it easier for immigrant workers to send money back home by delivering accessible, efficient, and affordable financial services,” he added.
Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets.
Nium’s growing card issuance business is already available in 34 countries.
The firm holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography.
The company is co-headquartered in San Francisco and Singapore, with regional offices in London, Amsterdam, Hong Kong, Mumbai, Bengaluru, and Chennai.
Jeonbuk Bank is a financial institution dedicated to providing innovative banking solutions and services to its customers in South Korea.