Sentbe introduced as a business case of financial inclusion
Sentbe delivered a presentation at a side event of the 74th United Nations General Assembly.
Sentbe, a global fintech solution, announced that it had introduced its inclusive digital remittance service for migrant workers at the 7th International Conference on Sustainable
Development, held as a part of the side event associated with the General Assembly of the United Nations for 4 days from September 22, 2019.
At the event on September 24, Sentbe shared its positive impact on migrant workers coming from lower-income countries and working in Korea with its digital remittance service. This business case has been also selected to be presented at the poster presentation session of the 7th International Conference on Sustainable Development hosted by the Center for Sustainable Development led by Jeffrey Sachs, a globally renowned economist as well as a University Professor and Director of the Center for Sustainable Development at Columbia University.
The presentation addressed 'Inclusive financial service for migrant workers in Korea: Sentbe's digital remittance service'. Sentbe mainly paid attention to the particularity of the Korean financial service industry in which multiple problems - expensive fee and low quality - in remittance have long existed.
Sentbe also shared the story how the non-bank financial institution has been allowed to remittance market after a change in public policy in Korea and introduced the competitive advantages - cheaper fee, easier online-based access, diverse receiving points tailored to each country's contexts, and quasi-real-time transaction - served to migrant worker customers. Sentbe's remittance cost which is 1.2% to 1.5% of the total remittance amount is far less than the target set by the United Nations aiming at reducing to less than 3% the transaction costs of migrant remittances and eliminating remittance corridors with cost higher than 5% by 2030.
Moreover, Sentbe took part in several sessions organized by the United Nations Capital Development Fund (UNCDF), Credit Suisse in order to stretch out its networks for further collaboration opportunities in making migrant remittances appropriately connected to financial services in Korea and/or their home countries so that their migration experience can extend to sustainable economic and social development in the long-term.
Published in FNTIMES on September 26, 2019.
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