Shinhan Bank and E9Pay team up for overseas payment platform

The payment system will cater toward foreigners residing in South Korea.

South Korea’s leading commercial bank Shinhan Bank and E9Pay are in the works of developing a payment system which shall allow foreigners for cross-border transactions.

Specifically, foreign individuals living in South Korea will be able to enjoy sending payments to global merchants.

"This partnership will help us expand our reach and offer our customers a more comprehensive range of financial services. We look forward to working closely with Shinhan Bank to promote convergence and new business opportunities,” Jeon Hyuk Goo, CEO of E9pay Co., Ltd said.

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The collaboration will also further fintech-bank synergy in the country such as enabling API-based real-time FX trading services between E9Pay and Shinhan, allowing a smooth way to transact foreign currencies in real-time.

“Recently, with the expansion of BaaS (Banking as a Service), which experiences bank services through external platforms and changes in customer contact points, partnerships with fintech companies are actively progressing. Through this, we will provide beneficial services to financial consumers and secure a preemptive position in the global cross-border remittance/payment market." Shinhan Bank said.