Cross-border remittance services provider Western Union Company has signed an agreement with South Korean lender kakaobank to support digital money transfer services in the country.
Under the agreement, Western Union’s cross-border functionalities will be integrated with kakaobank’s mobile banking app.
Subsequently, more than six million customers using kakaobank’s mobile app can send or receive funds by connecting to Western Union’s agent locations across 200 countries.
Western Union Global Money Transfer president Odilon Almeida said: “With the increased popularity of mobile banking, providing customers with convenient digital money transfer services in addition to retail services, is key to serving their needs.
“We are delighted to work with kakaobank to bring digital, cross-border money transfer services to customers in Korea and those wishing to send money to Korea from around the world.”
Western Union has been present in South Korea since 2001. The new partnership expands its services in the country, enabling customers to carry out both digital and retail money transfer services.
kakaobank CEO Ho Young Yun said: “The convenient and reliable flow of remittances is important for any country, and we are delighted to be collaborating with Western Union to provide this digital capability to our vast network of customers and enhance their experience with us.”
Earlier this month, Western Union partnered with Russian lender Post Bank, enabling the bank’s customers to send money to more than 50 countries through the banking app.