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Korea’s Nonghyup Financial, Vietnam’s Agribank offer joint wire svc

Collected: 2018.01.25

Distributed: 2018.01.26

Source: Go Direct

Nonghyup Financial Group CEO Kim Yong-hwan and Agribank`s Chairman Trinh Ngoc Khanh are shaking hands at a ceremony celebrating the launch of new money transfer service in Vietnam on Tuesday (local time). [Photo provided by Nonghyup Financial Group]

South Korea’s Nonghyup Financial Group joined hands with Vietnam Bank for Agriculture and Rural Development (Agribank) to offer cheap and easy international remittance service.

Nonghyup Financial Group said Wednesday that it will offer a new remittance service with Agribank to allow their users to wire money from Korea to someone who does not own a bank account in Vietnam. Migrant workers from Vietnam need to send home some of their earnings but many Vietnamese do not have a bank account.

The new money transfer service does not require having a bank account but instead, a sender just needs to inform recipient a personal identification number generated when sending money from Nonghyup Bank and the recipient can pick up the money at any Agribank branches with the information and his or her personal identification card.

The wire transfer service is done directly between the two banks and does not involve an intermediary to make the service cheaper and faster, said the group.

The new service is scheduled to start on Jan. 29.

In addition to launching the new money transfer service, the two banks agreed to collaborate on projects in non-banking sectors such as insurance, securities, and fintech. They plan to expand their exchange of knowledge and joint investments as well as work together on developing new services.

By Chung Joo-won and Cho Jeehyun

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