EMQ launches real-time payments in South Korea
Hong Kong-based global financial settlement network EMQ has announced that it has expanded its real-time payments network to South Korea. Under this, the company would enable the transfer of funds with real-time payouts in the Korean won currency to all bank accounts.
The company is already live in South Korea but with this announcement, it would further expand the access for its clients in terms of cross-border capabilities, combining competitive pricing, wholesale FX management and real-time compliance screening through a single Connect API integration.
Last year, the company tapped FAST network in Southeast Asia and moreover it launched same-day cross-border payments settlement for B2B payments in Asia region.
The benefits the company notes were the single access point connecting clients across multiple markets via EMQ Connect API and also pointing out that businesses don’t need to manage complex network infrastructure for their payments.
In terms of funding, the company raised $20 million in Series B funding round last year and it also launched high-value cross-border payment settlements in Japan.
EMQ’s payment capabilities spanned through Europe, Hong Kong, China, Thailand, Singapore, South Korea, India, Indonesia, Cambodia, Vietnam, Nepal, Philippines, the United Kingdom, and 19 markets in Africa, with expansion under going in the United States, Canada and Latin America. It has payments licenses in Hong Kong, Singapore, Indonesia and registered as a Money Service Business in Canada.