Shinhan Bank Integrates Wise Platform to Bring Cheaper, Faster Transfers to Customers
This integration makes Shinhan Bank 一 one of South Korea’s oldest and largest national banks 一 the first South Korean bank to provide international money transfers with no exchange rate mark-ups to their customers. At launch, Shinhan customers will be able to send money from USD to 27 countries including Australia, the US, UK and Canada.
Shinhan Bank’s 11 million customers will now be able to access Wise’s lightning-fast and low-cost international money transfers directly from their bank account, without having to leave the Shinhan Bank app at prices significantly cheaper than offered by other banks in South Korea.
Shinhan Bank’s integration also makes it the oldest and largest bank yet in Asia to join the revolution, alongside other household names like Monzo, N26 in Europe, Stanford FCU in the United States, Aspire in Singapore, and UP in Australia.
Ji Yong Kim, Deputy General Manager International Business Trade Dept., Shinhan Bank said “At Shinhan Bank we want to make banking a convenient and pleasant experience. We’re delighted to be partnering with Wise to bring that to life, and make cheaper, faster international payments available seamlessly for Shinhan Bank customers. Partnerships like this help us turn the traditional model on its head and enable a new, better way for people to manage their money internationally. ”
Steve Naudé, Head of Product, Wise Platform said “The internet has transformed the way we live and work, making speed, convenience, transparency and cost critical considerations for any business 一 including banks 一 looking to meet the modern customer’s expectations. At Wise, our goal is to make moving money across borders easier, faster and cheaper for everyone, everywhere. Teaming up with Shinhan Bank today brings us closer to achieving this vision and we are excited to be working with them to build money without borders for their 11 million customers.”
Wise Platform enables banks, financial institutions and companies like Xero, GooglePay and GoCardless to tap into the Wise infrastructure and offer cheaper, faster payments to their own customers. Globally, Wise Platform is live with banks in 10 countries across 4 continents. Wise Platform also comes pre-integrated in core banking platforms like Temenos, Mambu and Thought Machine.