South Korea’s foreign money transfer operator SentBe will educate over 1,000 migrant workers in the country to help them wisely spend and invest their hard-earned money as part of the United Nations Capital Development Fund’s (UNCDF) project devoted to bettering migrant workers’ financial health worldwide.
SentBe announced on Monday that it has signed a partnership contract with UNCDF to offer interactive financial workshops to migrant workers from Bangladesh, Myanmar, and Nepal in Korea on real-life priority and experiences until Oct.
The UNCDF has been putting out efforts to provide comprehensive educational programs to vulnerable social groups via financial service operators as part of its digital economy initiatives, and one focus area is migration and remittances.
SentBe, as one of the new partners, will offer a financial health program to low-income migrants to help them strategically manage funds sent to their families at home.
SentBe will carry out a “needs assessment to better understand the financial behaviors of migrant workers in the uses of their remittances,” it said.
“Findings from the assessment will be incorporated into a financial skills-building program which will be provided both in person and on-line to more than 1,000 migrant workers this year.”
SentBe will also guide the workers to achieve their initial goals of coming to Korea to earn money and effectively use their earnings. The Korean fintech startup will also seek good-fit financial products and services for them based on the assessment.
“SentBe strongly believes that we can make a real positive impact by helping our migrant users improve their financial health along with our product and service in partnership with UNCDF,” said Choi Seong-ouk, chief executive of SentBe.
Amil Aneja, lead specialist, migration and remittances at UNCDF, also said “remittances are the universal fact of migrants’ financial lives” and “as such they are key to building migrants’ financial resilience.”
Aneja added that “SentBe's success in the highly competitive Asian market including its selection as the mobile transfer operator partner for Samsung Pay’s new transfer service. … we are confident that Sentbe is our ideal partner for this effort.”
Published in Maeil Business Newspaper on July 12, 2021.
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