Currencycloud Signs Remittance Partnership With Hyundai

Currencycloud has announced the launch of South Korea’s first remittance service by a non-bank, following its strategic partnership with Hyundai Card. The remittance service with Hyundai Card, which is underpinned by Currencycloud’s API and facilitated by Shinhan Bank, is designed to enable Hyundai Card members to make faster and cheaper cross-border payments.

As the service provider, Hyundai presents the offering to clients through an app, while Shinhan Bank facilitates the remittance from South Korean Won (KRW) into local currencies. Currencycloud then makes the final payment to the beneficiary accounts.