Ripple and MoneyGram Partner With South Korean Remittance Startup – Is Samsung Involved?
Sentbe, a money transfer fintech startup in South Korea, has joined RippleNet, expanding the network of banks and financial services institutions using Ripple’s cross-border payment products.
The fintech startup, which revealed the Ripple partnership on its website, has also recently become MoneyGram’s first virtual agent in South Korea. MoneyGram is also a Ripple partner, though it remains unclear if the trio of companies will all collaborate together or whether Sentbe’s two new partnerships will remain distinct.
Says Alex Choi, CEO of Sentbe,
“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. We are now in an even better position to meet demand for tech-savvy solutions within this space and look forward to the change this will bring to the diverse community we serve.”
The South Korean startup also recently partnered with Samsung as part of Samsung Pay’s new overseas remittance service in 17 countries, according to a report from Pulse. The report triggered speculation on Twitter that Ripple’s technology may be used to power transactions on Samsung’s network, but that remains unconfirmed at time of publishing.
Sentbe has “accumulated billions of Korean Won worth of transactions as of July 2019” and is one of the largest money transfer fintech companies in South Korea, according to the MoneyGram press release.