Western Union collaborates with ICB to expand into South Korea

Digital Payment, Digital Payment Platforms, Banking, Banking Services, Digital Banking, Digital Banking Platform, retail banking, digital assets
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ICB, a FinTech firm from South Korea, has partnered with Western Union, a global provider of cross-border, cross-currency money transfers. This partnership would provide customers using ICB’s mobile app, DEBUNK Remit, easy access to Western Union’s money transfer services.

The mobile app allows users from South Korea to transfer money into bank accounts in selected countries worldwide as an initial step and ultimately reach out to Western Union’s global network. Users can send their funds via their registered bank accounts on the DEBUNK Remit app.

Premmananth, Head of Singapore, Indonesia and North Asia for Western Union. “By expanding our money transfer services in Korea, we are offering customers more access points to send and receive money. Our alliance with ICB reinforces Western Union’s commitment to power digital-driven convenience, enhancing the customer experience. Western Union has always been about connecting people. Our strength lies in our deep financial services expertise and the technologies we employ to solve the complexities of cross-border money movement. We are excited to work with ICB to drive shared value through our services and support the needs of the people we jointly serve.”

For receivers in South Korea, this app allows direct international Western Union money transfers into their bank account registered on DEBUNK Remit, for all transactions made via Western Union’s digital money transfer services. To receive the funds, users in South Korea must put in a unique Money Transfer Control Number (MTCN) and other required information in the DEBUNK Remit mobile app.

Hanyong Lee, CEO of ICB, said, “We are proud of this collaboration, enabling access for customers to more than 200 countries and territories and opening up a world of possibilities with the choice to send and receive money through an iconic brand like Western Union’s. With Western Union, we will be able to unlock new markets and facilitate smooth customer experiences bringing ease of use and accessibility to customers, which are among the most important conditions that drive money transfer decisions.”

Read: Customer Experience (CX) Integration in Digital Payment Portals


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