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Korea Cross-Border FinTech E9pay and Shinhan Bank Join Forces to Promote Convergence and New Business Opportunities

March 27, 2023 - 10:30 By PRNEWSWIRE

SEOUL, South Korea, March 27, 2023 /PRNewswire/ -- E9Pay, a Korea leading cross-border fintech company, has announced a strategic partnership agreement with Shinhan Bank, one of the largest banks in South Korea. The partnership aims to build cooperation for overseas remittance/payment for financial inclusion, especially foreign workers residing in Korea and SMEs using E9Pay Commercial Payment Platform.

Under the partnership, E9Pay and Shinhan Bank will collaborate to develop a payment system that will allow foreigners residing in Korea and merchants that trade through global online marketplaces. This will offer a convenient and efficient payment system for foreign workers and businesses, promoting cross-border trade and facilitating transactions between Korea and other countries.

The partnership will also promote joint projects to strengthen fintech-bank synergy, such as providing API-based real-time FX trading service between the two companies. This will offer customers a seamless and efficient way to exchange foreign currencies in real-time.

"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."

About E9 Pay

E9pay is the first company to acquire the Overseas Remittance Business No. 1 License from Ministry of Economy and Finance (MOEF) of South Korea, providing overseas remittance/receipt services to/from 126 countries as of March 2023.

E9pay boasts global partnerships with major players in the market. As a trusted leader in overseas remittance in Korea, which is growing rapidly, E9pay obtained Innovative Financial Service from MOEF, which was provided financial services differentiated from existing financial techniques by utilizing new IT technologies, E9pay provides secure real-time transfers so that beneficiaries can receive money safely through innovative Korean Open-Banking service.

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About Shinhan Bank

Shinhan Bank is a leading commercial bank in South Korea with KRW 471.5 trillion in assets. The company provides a full range of banking services to its 20 million customers - individual consumers, SMEs and large corporations- with 1,032 branches including 156 global branches in twenty countries; the company also serves its 11.9 million mobile users with its award-winning app 'SOL.' The company's financial group 'Shinhan Financial Group' is a diversified holding company with 17 companies including Shinhan Card, Shinhan Investment and Shinhan Life. The financial group's stock is listed on the Korea Exchange.

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