MoneyGram, a global money transfer and payment method provider, announced on July 19 that it had partnered with Sentbe, a South Korean fintech company. This makes Centebe the first Moneygram virtual agency in South Korea.
“The perfect time to partner with Moneygram”
According to Moneygram, Moneygram’s Yogesh Sangle. Asia-pacific economic cooperation (APAC) and South Asia chiefs said the partnership was “a good thing.” “The strengthening of our products in Korea is a tactical move to accelerate digital change in the region.”
Alex Choi, Ceo of Sentbe, said, “Innovation that simplifies the remittance process is our top priority. There is no better time to embark on this move with Moneygram.”
Relationship with Ripple
Moneygram originated in 1940 with the establishment of Travelers Express, based in Minneapolis. The company was a subsidiary of the international financial services company Beard Corporation. Travelers Express soon became one of the world’s largest money-order processors, partnering with major companies including bus company Greyhound Corporation and soap maker Dial Corporation to become a major provider of electronic payments.
In 1998, Viad Corporation acquired the international money transfer company Moneygram Payment System, which linked Travelers Express and the Moneygram payment system to create a moneygram. Since then, Viad Corporation has sold Moneygram to a separate organization.
Ripple announced on its blog that it had agreed to a strategic partnership with Moneygram in June 2019. The partnership has an initial two-year period, with Ripple making Moneygram a major partner for cross-border and international currency settlements using digital assets. Sentbe’s official website has also been updated to show that it has partnered with Ripple, a global fintech company.
What is Sentbe, a Korean financial services company?
Sentbe is a financial services company headquartered in Seoul, South Korea. It is possible to send money in 17 legal currencies, mainly in Asian countries such as the Philippines, Vietnam, Indonesia, and Japan. The fee for transferring Japanese yen using Sentbe is 15,000 won from 30,000 yen to 1,099,999 yen, and 1.5 yen for remittances from 1.1 million yen to 3 million yen.