MOIN partners with Wise Platform to deliver faster and cheaper cross-border payments in South Korea

We are excited to partner with MOIN, a South Korea-based cross-border payment company, to offer a cheaper, faster, and more convenient international money transfer experience for both individual and business customers, directly from the MOIN website or app.

MOIN was founded in 2016 with a mission to makeglobal money transfers hassle-free, fast, and affordable. For too long, Korean customers have had few options to send money abroad cheaply, conveniently and transparently. The conventional way of sending money across borders through traditional financial institutions is often slow and inconvenient, and involves high charges and hidden fees.

MOIN found a solution in Wise Platform, Wise’s infrastructure offering, which gives banks, enterprises and fintechs access to Wise’s market-leading global payments network. Powered by Wise Platform’s easy-to-use APIs, more Korean customers can now get access to these quick, convenient and affordable international payments. This includes anyone who needs to send money overseas, such as parents sending KRW overseas to their children studying abroad, expats sending money back home, and businesses paying suppliers, or overseas contractors.

During the integration, the dedicated Wise Platform team supported MOIN through all stages of the delivery cycle to bring this new product to launch, which is transforming the speed and ease of international transfers for customers with over 61% of transfers now being instant (completed under 20 seconds).

Ilseok Suh, CEO of MOIN, said: "The partnership with Wise Platform is another step forward in our continuous commitment to enhance the experience of cross-border payments, bringing transparent and low fees to our customers everywhere and anywhere. At MOIN, we recognise the prevalent challenges of high fees, slow speeds, and low transparency in remittances.

"By integrating with Wise Platform, we are able to address these pain points and provide customers with a hassle-free experience, without worrying about exchange rate mark-ups, hidden fees or slow transfers. Together, we are able to bring unparalleled convenience and service to customers who are looking to send money from Korea to their family and friends across the world.”

Samarth Bansal, General Manager, Asia Pacific, Wise Platform, said: “We’re thrilled to welcome MOIN to our partner network, extending the benefits of faster and more affordable international transfers to even more people in Korea. South Korea is a key outward remittance market in APAC, but continues to face challenges of high-cost, slow-speed transfers owing to the traditional correspondent based money movement infrastructure. At Wise, our mission of fast, instant, cheap and transparent money movement is deeply embedded in Wise’s infrastructure. Having MOIN integrating Wise Platform furthers our footprint with South Korean banks and enterprises.”

About MOIN, Inc.

A cross-border payment company based in South Korea. Since its establishment in 2016, MOIN has been addressing the inefficiencies of cross-border payments by developing a proprietary payment network that replaces the conventional payment network.

MOIN launched its individual cross-border remittance service targeting students studying abroad, and has been expanding its outreach to encompass businesses and e-commerce platforms.

MOIN is located in six regions: South Korea, Singapore, Japan, HongKong, the USA, and Lithuania. MOIN’s technology and business solutions were awarded by 2019 The World’s Top Fintech Companies by KPMG Top 100. 2023 The only Korean remittance company to be included in the World Bank price index. 2023 K-Fintech 30, chosen as the top 10 representing fintechs in Korea by the FSC.