Founded in 2015, growing up to a global forex total solution company
Introduced cross-border remittance and payment services, pursuing the mission 'Borderless Finance'
Presented its business model as an inclusive financial service case at a side event of the United Nations General Assembly
Opened in 2015, SentBe is emerging as a powerhouse in the domestic market for overseas remittance services. The driving force behind its rapid expansion in the market in a short period is the sincere effort put into the overseas remittance service.
According to the industry sources, SentBe is a global foreign exchange (FX) total solution company. With a mission to 'build a borderless financial environment for more,' it offers a differentiated overseas remittance service, addressing the drawbacks of existing foreign currency remittance and payment services, including low fees, fast remittance speed, and a simple process.
In March of last year, SentBe aimed to become a leading global fintech company in the foreign exchange field. Under the meaning of providing optimized foreign exchange financial services to more global customers without complex procedures and expensive fees, it adopted 'Simpler, Smarter, Better' as its corporate slogan.
Currently, SentBe has a workforce of 145, including 27 specialized personnel in the CS center. It is available in over 50 countries, with more than 500,000 remittance receiving channels and over 80 overseas partners. Especially, in the domestic fintech industry, it is the only one to secure a Singapore remittance license, focusing on acquiring licenses.
SentBe operates two main services: 'SentBe' for personal small overseas remittances and 'SentBiz' for corporate overseas remittance, payment, and settlement solutions.
Among them, SentBe is a service that can be used by international students, global migrant workers, domestic residents staying abroad, and travelers. To enhance customer convenience and satisfaction, it significantly simplifies the complex and expensive fees of traditional banks (remittance fees, mediation fees, telecommunication fees, receiving fees, etc.), maintaining fees that are up to 90% lower than those of banks.
The service can be used anytime, anywhere through the app or web, and the remittance takes a minimum of 5 minutes to a maximum of 1 day. Considering the accessibility of the recipient's bank, it provides various receiving methods beyond banks, such as cash pickup, home delivery, mobile wallet, etc.
SentBiz is a service that provides a customized overseas remittance, payment, and settlement solution for B2B (business-to-business) transactions. It can be considered a solution for domestic companies, as well as global banks, overseas remittance companies, e-commerce platforms, etc., facing difficulties in areas such as payment and remittance.
In reality, it features a self-developed foreign exchange risk hedge algorithm called AHS (Automated FX Hedge System), which eliminates potential risks due to exchange rate fluctuations during remittance. It has fees that are at least 50% to a maximum of around 70% lower than those of banks. SentBe is actively using the 'SentBiz API solution,' which shortens the payment period to within 1 day, for global e-commerce platforms.
Additionally, SentBe is paying attention to those who find it difficult to use existing small overseas remittance services, including financially vulnerable groups such as migrant workers. Actively participating in 'financial inclusion' to solve the financial exclusion issues of those not considered mainstream customers in the existing financial sector, it has even joined UN efforts in this regard.
For example, the fees for SentBe's personal overseas remittance service are around 1.2-1.5%, surpassing the UN's sustainable development goals. The UN highly evaluated SentBe's efforts and even presented the 'Inclusive Financial Service Business Case for Migrant Workers by SentBe' at a side session of the UN General Assembly in 2019.
SentBe CEO Seongouk Choi said, "Based on a unique business infrastructure, SentBe provides overseas remittance and payment services for individuals and businesses both domestically and internationally. Building on the current success in the domestic market, we are accelerating our expansion into the global market."
Published in Biz News on May 19, 2023
Comments