Shinhan Bank Integrates Wise Platform for Better Services

​Wise Platform, a London-based financial technology company, announced that Shinhan Bank, one of South Korea's oldest and largest national banks, has integrated Wise Platform to offer faster and cheaper international money transfers to its customers.

This integration enables Shinhan Bank the first South Korean bank, and the oldest and largest bank yet in Asia, alongside other household names like Monzo, N26 in Europe, Stanford FCU in the United States, Aspire in Singapore, and UP in Australia, to provide international money transfers with no exchange rate mark-ups to its customers. 

At launch, Shinhan's 11 million customers will be able to send money from USD to 27 countries including Australia, the US, UK and Canada. What's more, Shinhan customers will now be able to access Wise's lightning fast and low cost international money transfers directly from their bank account, without having to leave the Shinhan Bank app at prices significantly cheaper than other banks in South Korea.

Ji Yong Kim, Deputy General Manager International Trade Business Dept., Shinhan Bank said:“ At Shinhan Bank we want to make banking a convenient and pleasant experience. We're delighted to be partnering with Wise to bring that to life, and make cheaper, faster international payments available seamlessly for Shinhan Bank customers. Partnerships like this help us turn the traditional model on its head and enable a new, better way for people to manage their money internationally. ”

Steve Naudé, Head of Product, Wise Platform added: " The internet has transformed the way we live and and work, making speed, convenience, transparency and cost critical considerations for any business一including banks一looking to meet the modern customer's expectations. At Wise our goal is to make moving money across borders easier, faster and cheaper for everyone, everywhere. Teaming up with Shinhan Bank brings us closer to achieving this vision and we are excited to be working with them to build money without borders for their 11 million customers.”