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Western Union Expands in South Korea with ICB

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Western Union has launched its money transfer services in South Korea through the ICB mobile app - DEBUNK Remit. This app allows users to send money to select countries worldwide, offering cash payouts or transfers to bank accounts. The collaboration aims to provide enhanced customer experiences, expanding Western Union's reach to over 200 countries.

ICB processes around $1.6 billion in transactions annually, enhancing its fintech offerings.

Positive
  • Launch of money transfer services via DEBUNK Remit mobile app in South Korea.
  • Increased access points for customers to send and receive money.
  • Potential to reach over 200 countries and territories.
  • Partnership with leading fintech company, ICB, strengthens service capabilities.
Negative
  • None.

Customers in South Korea Can Send and Receive Money with the ICB Mobile App

SEOUL, South Korea--(BUSINESS WIRE)-- Western Union, a global leader in cross-border, cross-currency money movement and payments, today announced the launch of its money transfer services with ICB, one of the leading fintech companies in South Korea, offering customers seamless access to Western Union’s money transfer services via ICB’s mobile app – DEBUNK Remit.

DEBUNK Remit mobile app, available for Android and iOS, will enable senders from South Korea to send money to their loved ones for payout in cash and into bank accounts in select countries worldwide as a start, eventually scaling up to Western Union’s global financial payout network. Senders can fund their transactions through their bank accounts registered with the DEBUNK Remit mobile app.

The mobile app also enables receivers in South Korea to direct international Western Union money transfers into their DEBUNK Remit registered bank accounts, for transactions sent through Western Union’s digital money transfer services or Western Union’s worldwide retail Agent network. Receivers in South Korea can now receive the money by inputting the unique Money Transfer Control Number (MTCN) and other information into the DEBUNK Remit mobile app.

“By expanding our money transfer services in Korea, we are offering customers more access points to send and receive money,” said K. Premmananth, Head of Singapore, Indonesia and North Asia for Western Union. “Our alliance with ICB reinforces Western Union’s commitment to power digital-driven convenience, enhancing the customer experience.”

Premmananth added, “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.”

“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,” said Hanyong Lee, CEO of ICB. “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.”

For more information about the service, customers can visit https://www.debunk.co.kr/index

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect consumers, businesses, financial institutions, and governments through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and a substantial global network of retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.

About ICB

ICB Co., Ltd., is one of South Korea's leading cross border FinTech companies that processes around $1.6 billion transactions annually and possesses 15,000 merchants. ICB provides various fintech related services such as Cross border Payment Gateway Remittance, Alternative Payment Method Processing, Trade Payment Settlement among others. In addition to that, In the next few months, ICB will provide alternative payment method(QR) network services available to 8 Southeast Asian countries. ICB itself is growing into a Fintech Hub that connects South Korea to the World.

Western Union

Karen Santos; Karen.Santos2@westernunion.com

ICB

Myung Seok Ham; Marketing Officer; michael@icbnet.co.kr

Source: The Western Union Company

FAQ

What new service did Western Union launch in South Korea?

Western Union launched money transfer services through the ICB mobile app, DEBUNK Remit in South Korea.

How can customers use the DEBUNK Remit app?

Customers can send money for cash payouts or into bank accounts in select countries using the DEBUNK Remit app.

What is ICB's role in the new service by Western Union?

ICB collaborates with Western Union to provide a platform for seamless money transfer services in South Korea.

How much money does ICB process annually?

ICB processes around $1.6 billion in transactions annually.

Which countries can customers send money to using DEBUNK Remit?

Initially, customers can send money to select countries, with plans to extend to Western Union's global payout network.

The Western Union Company

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