GmoneyTrans, a South Korean phone-based money transfer company, has inked and agreement with Wing, looking to tap into the remittance services market.
The agreement will spawn a new remittance service for Cambodians living and working in the East Asian nation. According to Kim Jong Moo, GmoneyTrans’s CEO, the service could be launched as soon as next month.
Jong Moo said that the company’s service fees will be 70 percent lower than other operators. “If workers transfer $1,000 to relatives here through our service, they can pay less than $10,” he said.
“[The service] will be more convenient, more innovative and will be a cost-saving network,” Jong Moo added.
According to Jong Moo, there are nearly 45,000 Cambodian nationals in South Korea sending upwards of $500 million between the two countries each year.
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