Ripple to widen fintech service into South Korea via MoneyGram’s new partnership

Fibo Quantum

Ripple partner MoneyGram joined hands with a money transfer firm based in Korea, Sentbe. Following the partnership, Sentbe has announced itself as a partner of Ripple as well.

Ripple Partner MoneyGram Signs New Partnership with Sentbe

MoneyGram, which is a financial service company, has recently received a massive fund as an investment from Ripple. As the oldest partner of Ripple, MoneyGram extending Ripple solutions among its new partners such as Sentbe. According to the reports, Sentbe is a South Korean payment startup and a regional operator of Samsung. Nevertheless, the firm officially announced on its website, stating “Sentbe partners with world-class fintech.”

Concerning the partnership between MoneyGram and Sentbe, MoneyGram head of APAC and South Asia, Yogesh Sangle states that;

“Enhancing our product offering in South Korea is a strategic move that accelerates our digital transformation in the region. 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 and we are proud to share a legacy of customer commitment through this collaboration.”

Following the similar note, Sentbe CEO, Alex Choi appreciates the partnership and quickly remarked that the partnership with MoneyGram put them into “even better position to meet the demand for tech-savvy solutions within this space.” He says that they’re further looking forward to spreading the change this partnership can bring to the respective community.

“Innovation that simplifies the money transfer process is our top priority and there is not a more perfect time than now to embark on this move with MoneyGram.

What’s Next?

As per the press, Sentbe is keen at improving the cross-border money transfer at cheaper, faster, and easier via new technology. Following the partnership announcement, Ripple’s technology might be set to use at Sentbe. Also, the company is already a licensed financial institution based in South Korea, which is one of the prime purposes of Ripple.

The partnership received enormous interaction from the XRP community. Subsequently, a Twitter user and a member of XRP community, Dillon tweeted a screenshot, adding;

The closer observation of Sentbe is also revealed that it is Samsung’s payment arm, Samsungpay has opted Sentbe to pilot a remittance service on Samsung Pay in 17 countries. Earlier in this year, CEO of Sentbe expressed his view of collaborating with Ripple.

While MoneyGram and Sentbe have quickly validated the authenticity of the partnership, Ripple has yet to confirm and make the statement on the same.

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