Western Union Expands in South Korea with ICB

Customers in South Korea Can Send and Receive Money with the ICB Mobile App

SEOUL, South Korea--(BUSINESS WIRE)--Western Union, a global leader in cross-border, cross-currency money movement and payments, today announced the launch of its money transfer services with ICB, one of the leading fintech companies in South Korea, offering customers seamless access to Western Union’s money transfer services via ICB’s mobile app – DEBUNK Remit.

DEBUNK Remit mobile app, available for Android and iOS, will enable senders from South Korea to send money to their loved ones for payout in cash and into bank accounts in select countries worldwide as a start, eventually scaling up to Western Union’s global financial payout network. Senders can fund their transactions through their bank accounts registered with the DEBUNK Remit mobile app.

The mobile app also enables receivers in South Korea to direct international Western Union money transfers into their DEBUNK Remit registered bank accounts, for transactions sent through Western Union’s digital money transfer services or Western Union’s worldwide retail Agent network. Receivers in South Korea can now receive the money by inputting the unique Money Transfer Control Number (MTCN) and other information into the DEBUNK Remit mobile app.

“By expanding our money transfer services in Korea, we are offering customers more access points to send and receive money,” said K. Premmananth, Head of Singapore, Indonesia and North Asia for Western Union. “Our alliance with ICB reinforces Western Union’s commitment to power digital-driven convenience, enhancing the customer experience.”

Premmananth added, “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.”

“We are proud of this collaboration, enabling access for customers to more than 200 countries and territories and opening up a world of possibilities with the choice to send and receive money through an iconic brand like Western Union’s,” said Hanyong Lee, CEO of ICB. “With Western Union, we will be able to unlock new markets and facilitate smooth customer experiences bringing ease of use and accessibility to customers, which are among the most important conditions that drive money transfer decisions.”

For more information about the service, customers can visit https://www.debunk.co.kr/index

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect consumers, businesses, financial institutions, and governments through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and a substantial global network of retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.

About ICB

ICB Co., Ltd., is one of South Korea's leading cross border FinTech companies that processes around $1.6 billion transactions annually and possesses 15,000 merchants. ICB provides various fintech related services such as Cross border Payment Gateway Remittance, Alternative Payment Method Processing, Trade Payment Settlement among others. In addition to that, In the next few months, ICB will provide alternative payment method(QR) network services available to 8 Southeast Asian countries. ICB itself is growing into a Fintech Hub that connects South Korea to the World.