South Korea to Access Western Union with ICB App For Cross-Border Payments

Western Union has launched its transfer services in South Korea with FinTech ICB Co. Ltd.’s mobile app, the international cross-currency money mover announced Monday (March 28).

Dubbed “Debunk Remit,” the app offers customers access to Western Union’s money transfers.

One of South Korea’s largest cross-border FinTechs, ICB processes $1.6 billion transactions annually with 15,000 merchants, the firm said.

“By expanding our money transfer services in Korea, we are offering customers more access points to send and receive money,” said Premmananth Krishna, head of Singapore, Indonesia and North Asia for Western Union, in a statement. “Our alliance with ICB reinforces Western Union’s commitment to power digital-driven convenience, enhancing the customer experience.”

Remit, available for Android and iOS, will let South Koreans to send cash to family and friends and into bank accounts in select countries as Western Union scales to expand the global financial payout network.

Hanyong Lee, CEO of ICB, said the collaboration with Western Union his company can unlock new markets and facilitate smooth customer experiences, which are key to the most important conditions that drive money transfer decisions.

Earlier this month, PYMNTS reported Goldfinch Partners and the Baupost Group reached the initial closing in their acquisition of Western Union Business Solutions (WUBS) for $910 million, the two entities said.

Read more: Western Union Business Solutions Now Convera, Says is Largest Non-Bank Global B2B Payments Platform

The deal, announced last summer, saw WUBS rebranded as Convera, a new standalone B2B payments company. The buyers said that WUBS/Convera had a record 2021, with revenue growth of more than 20% and payments volume of $170 billion

As part of the purchase, Patrick Gauthier, most recently the global head of Amazon Pay, will become Convera’s CEO.