South Korea-based MOIN has partnered with Currencycloud to expand global coverage for South Korea’s remitters while improving the cross-border payment experience for customers. MOIN’s objective is to reduce remittance-associated costs for individual and business customers while providing faster processing times, lower transaction costs, and enhanced security measures.

The partnership will aid MOIN in achieving this by allowing them to respond to fluctuations in the FX market 24/7, with Currencycloud’s FX rates, the company will be able to decrease FX costs and make the savings available to customers. Moreover, MOIN is now able to process over 33 currencies through Currencycloud instead of through providers, therefore enabling a more efficient remittance service. According to MOIN’s officials, the company’s strategic approach is to enhance its services to improve customer satisfaction and bring more innovation in cross-border payments and foreign exchange.

Their collaboration with Currencycloud also offers global regulatory compliance and anti-money laundering measures, therefore ensuring the safety and security of worldwide customers’ remittances. MOIN is also constantly investing in improving its payment network, working towards global expansion. Global remittances As per Migration and Development Brief, in 2022, the remittances for low- and middle-income countries increased by approximately 5%, reaching USD 626 billion, a decrease from 10.2% in 2021.

Remittance flows to developing regions were influenced  by several factors in 2022, including the reopening of host economies after the COVID-19 pandemic. Inflation had a negative effect on individuals’ incomes, as well as the fluctuating appreciation for different currencies. Officially recorded remittance flows have declined for countries in which foreign and multiple exchange rates are experienced. Statista’s report shows that the transaction value for the digital remittances market in South Korea is expected to reach USD 4 billion in 2023, with an annual growth rate of 3.65% resulting in a total amount of USD 5 billion by 2027.

More information about Currencycloud Recently, Currencycloud partnered with Goliaths, a Cyprus-based social investment application, to support beginner investors. The collaboration integrated new capabilities for Goliaths’ customers, allowing them to instantly complete trades while benefiting from competitive FX rates and converting over 30 currencies per trade. Back in July 2023, GAT Investment Bank collaborated with Currencycloud to offer new banking solutions and launch the GAT Money application for customers that require a global banking tool.

During the same period, the company also partnered with Nook to improve the latter’s abilities. Nook could access Currencycloud’s API technology and upgrade it with the capability to pay invoices in over 35 currencies and to more than one hundred countries. MOIN is not the only South Korean company that partnered with Currencycloud, as the cross-border payments platform launched with E9pay a new E9pay Collection Service in June 2023.

The service allows businesses, SMEs, ecommerce players, and exporters based in South Korea to send and receive funds from global customers, including the US. .