Islamabad: Faysal Bank Limited (FBL), a leading name in Pakistan’s banking industry, announced a partnership with Sentbe, a South Korea based fintech money transfer service, for the remittance and real-time payment service.
Among approximately 10,000 Pakistanis residing in South Korea, over 50 percent are using Sentbe service, with Sentbe being an essential application for many migrants making money-transfers to their loved ones in their countries of origin. The collaboration between Sentbe and FBL has been established with the shared vision for faster and safer payment and remittance services.
Through this partnership, Sentbe will establish brand trust ability and enhance accessibility and convenience of the remittees in Pakistan. Leveraging the local channels of Faysal Bank, Sentbe will provide a safe remittance service that enables instant fund transfers between South Korea and Pakistan. Sentbe has become the first South Korean fintech remittance company to sign the partnership with Faysal Bank.
FBL Head Corporate and Investment Banking, Ali Waqar said: “In line with our vision for excellence in all that we do, we are delighted to join Sentbe and access the fast-growing network that connects its members and other financial institutions. It is coherent with Faysal Bank Limited (FBL) strategy to offer cutting-edge solutions which mutually benefits both the bank and our esteemed clients.”
“This partnership is significant in that it is South Korea’s first fintech partnership with Pakistan’s leading bank, FBL, under the joint goal of enhancing the client service with innovation,” added Alex Choi, CEO of Sentbe. “We are now in an even better position to meet demand for tech-savvy solutions within this space and look forward to the change this will bring to the diverse community we serve.”
Sentbe supports real-time overseas remittance services 24-hours a day, transferring from South Korea, Singapore and Indonesia to over 50 countries.