Western Union partners with ICB to launch DEBUNK Remit

Western Union is seeking to expand its market share in the South Korean market. This week, the firm announced a new partnership with ICB, a fast-growing fintech company.

In a statement, Western Union said that it will launch its money transfer service in South Korea. The new service will be known as DEBUNK Remit.

The mobile application, which is available for both Android and iOS will make it possible for users to send money to their family and friends. The recipient will then be able to receive money in their bank account or collect it at a Western Union agent. 

On the other hand, people sending money will be able to top up their DEBUNK account using their registered bank accounts. In a statement, the head of Singapore, Indonesia, and North Asia for Western Union said:

“Western Union has always been about connecting people. Our strength lies in our deep financial services expertise and the technologies we employ to solve the complexities of cross-border money movement. We are excited to work with ICB to drive shared value through our services and support the needs of the people we jointly serve.”

ICB, its partner is one of the biggest fintech company in South Korea. It helps to process payments in about 15000 merchants. It handles about $1.5 billion in transactions every year. At the same time, it has become a hub that connects Korea to the world.