Jeonbuk Bank (JB Bank), a financial institution in South Korea, and Nium, a real-time global payment, have recently unveiled an innovative collaboration on 21 November. This groundbreaking partnership will introduce the first-ever global remittance service targeting the 2.5 million non-Korean residents living in South Korea. The primary goal is to address the financial needs of this growing community by providing them with affordable and reliable global payment solutions to facilitate their participation in an increasingly connected world.
Hyunkwun Oh, Deputy CEO of Jeonbuk Bank, emphasized the importance of this collaboration in the context of South Korea's growing non-Korean resident population. The partnership with Nium is seen as a strategic move to boost economic growth by developing a range of banking products, from loans to real-time remittance services, specifically tailored for foreign immigrants in South Korea. This initiative is in line with Jeonbuk Bank's commitment to financial inclusion by providing enhanced banking services to non-Korean residents.
A key objective of this partnership is to revolutionize remittance services by offering faster, more reliable and cost-effective solutions. By leveraging Nium's expertise in cross-border payments and Jeonbuk Bank's strong local presence and extensive customer base, the collaboration aims to provide real-time payment services (RTP) with an unprecedented level of reliability and affordability. This approach is expected to benefit both foreign workers and non-Korean residents, offering them a more competitive pricing structure for their remittance needs.
Anupam Pahuja, Executive Vice President and General Manager of Asia Pacific, Middle East and Africa at Nium, expressed his excitement about the collaboration with Jeonbuk Bank. He highlighted the global imperative to address the financial needs of the large migrant workforce living and working abroad. The partnership aims to make a meaningful impact on the lives of the underbanked, particularly the large non-Korean expatriate community in South Korea. The focus is on overcoming remittance barriers, including complexity and cost, by streamlining the process and providing accessible, efficient and affordable financial services for migrant workers sending money home.
