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The news represents an important development in the company’s global expansion plans. US-based customers, including US migrant workers, can send USD to over 50 countries.
US customers can now send money to China, India, Philippines, Canada, UK, France, South Korea and more. SentBe explained that the service aims to offer easier and lower rates than existing remittance options.
SentBe worked with various certification bodies, government agencies, traditional financial institutions and fintech partners in the US to prepare for the launch. The money transfer company also conducted a technical verification process to create a smooth money transfer experience especially for US users.
The US expansion marks the fourth country the company has successfully launched a cross-border money transfer service. SentBe has already completed its launch in South Korea, Indonesia and Singapore.
According to a study by world bankthe United States is the world’s largest outbound remittance market, with $72.669 billion annually remitted by individuals in 2021.
Alex Sung Ok ChoiCEO Sentobe, commented on the US launch. he said: Our success in the region is based on our focus on removing cross-border barriers and bringing convenience to our customers.
We bring the same experience to one of the largest financial markets in the world, the United States, and continue to expand our services to other markets, including Canada, Australia and countries in Europe.
SentBe has obtained a license for international money transfer services. Monetary Authority of Singapore (MAS) was approved in 2019. In December 2021, we received approval for the Singapore Payment Gateway (PG) license. This license allows us to offer business-to-business PG services for remittances from Singapore to other countries.
The company also owns its own technology, the Automated FX Hedging System. The system minimizes foreign exchange risk through currency hedging and allows the use of money transfer services at low fees.
In November 2022, Alex Seong-Ouk Choi said, SFF Global Fintech Awards 2022is one of the key elements of Singapore Fintech Festival.
