Cross-border payments platform Currencycloud and Hyundai Card, South Korea’s digital pioneer company, recently announced an exclusive partnership to enable the launch of Korea’s first mobile remittance service provided by a credit company.
In a press release, Currencycloud said the service — established with Hyundai Motor Group’s credit issuing arm in conjunction with Korea’s long-standing Shinhan Bank — allows users to wire their money overseas with fewer process steps and lower fees than similar services in the market.
“With just a few touches on the mobile phone, people will be able to remit their money using their credit card account,” said Wookyung Chang, head of Hyundai Card’s digital strategy department. “This will open the new era of personalized digital financial services in Korea.”
The service launches soon and will be available through Hyundai Card’s Global Remittance application. Hyundai Card members can use the app to initiate transfers without additional sign-up. As part of the deal, Currencycloud has provided advanced application program interface (API) integration and know-how, enabling the service to scale quickly. Hyundai added its customer analysis and several digital techniques while Shinhan engineers the remittance.
The partnership also marks Currencycloud’s significant step forward into the Asian market, following a $25 million Series D funding round with backing from investors Anthemis, GV, Notion Capital, Rakuten and Sapphire Ventures. The U.S. and Asian markets are significant growth areas for the British FinTech firm which is in the process of securing regulation in Singapore.
“It’s great to see the FinTech movement take hold and the subsequent revolutionary shift in the nature of international payments for South Korea,” said Stephen Lemon, Currencycloud’s co-founder and vice president. “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. As a digital powerhouse with a strong history of world-leading innovation, Hyundai is perfectly placed to embrace the opportunities FinTech presents to this region. We’re truly excited to partner with one of the biggest conglomerates in one of the most tech-driven countries and look forward to future opportunities across the Asian market.”