One of the biggest banks in South Korea, Shinhan Bank, has signed a strategic collaboration deal with E9Pay, a major cross-border fintech startup in Korea. In particular, foreign workers living in Korea and SMEs using the E9Pay Commercial Payment Platform are the focus of the relationship, which intends to foster cooperation for international remittance/payment for financial inclusion.
In accordance with the agreement, E9Pay and Shinhan Bank will work together to create a payment system that will let foreigners living in Korea and business owners who trade on international online marketplaces use it. This will provide a practical and effective payment method for expatriate employees and businesses, fostering international trade and streamlining interactions between Korea and other nations.
The collaboration will also support joint initiatives to improve the synergy between banks and fintech companies, such as the provision of API-based real-time FX trading services between the two businesses. Customers will have a simple and effective way to swap foreign currencies in real time thanks to this.
"We are delighted to enter into this strategic partnership with Shinhan Bank," said Mr. Jeon Hyuk Goo, CEO of E9pay Co., Ltd. "This partnership will help us expand our reach and offer our customers a more comprehensive range of financial services. We look forward to working closely with Shinhan Bank to promote convergence and new business opportunities."
An official from Shinhan Bank said, "Recently, with the expansion of BaaS (Banking as a Service), which experiences bank services through external platforms and changes in customer contact points, partnerships with fintech companies are actively progressing." Through this, we will provide beneficial services to financial consumers and secure a preemptive position in global cross-border remittance/payment market."
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