Leading Indonesian bank BRI invests in financial inclusion with Korean Fintech E9pay via MoU

Seoul, South Korea, May 7, 2024 /PRNewswire/ — PT Bank Rakyat Indonesia (BRI) Persero Tbk and E9pay today announced a strategic Memorandum of Understanding (MOU) with BRI’s investment in E9pay, aiming to expand cross-border businesses and digital financial services for 50,000 Indonesian migrants in South Korea.

BRI is a leading Indonesian bank with a global footprint and is ranked 4th in ASEAN of The Banker’s Top 30 Asean Banks 2023. E9pay, on the other hand, is Korea’s first licensed fintech company specializing in cross-border money transfers and payments. After experiencing strong growth, E9pay was recognized as one of Forbes Korea’s Fintech 50 companies in 2023, solidifying its position as a major player in the domestic market for international money transfers.

The agreement represents a commitment to strengthen the international partnership between BRI and E9pay through direct investments. By leveraging the convergence of a bank’s existing network and the digital agility of a fintech company, the two entities aim to provide specialized financial services to Indonesian migrant workers, students and spouses in Korea, making financial services equally accessible to them and become stress-free as in their own country. home country.

The MOU outlines five key areas of cooperation, including (i) BRI’s direct investment in E9pay, (ii) Digital Banking in Korea, (iii) Seamless Account Opening, (iv) Joint Financial Solutions in New Business Areas, and (v) Business Expansion Platform. BRI and E9pay have been a driving force in facilitating money transfer services between Korea and South Korea for years Indonesia even before the MOU. Their convenient customer support in their native language (Bahasa) and fast, affordable money transfers help migrant workers send living and education costs to their families back home.

High-level representatives from both institutions met at BRIs Jakarta head office at 30th of April for the official signing ceremony. The BRI delegation included Director of Wholesale & Institutional Banking Agus Noorsanto, Senior Executive Vice President Treasury & Global Services Achmad Royadi, and representatives from four other divisions. E9pay was represented by CEO, Hyuk Goo Jeonand FX & Business Development team manager, Philip Choi.

“BRI facilitates the transfer of funds from South Korea Unpleasant Indonesia via an integrated network between BRI’s leading platform, BRIfast Remittance, with E9pay’s excellent digital service. In addition, Indonesian overseas workers are coming in South Korea are familiar with the E9pay digital app available on their smartphones, giving them access to send money to BRI’s extensive network Indonesia.” Agus also adds: “This partnership with E9pay will deliver that of Indonesia national foreign income heroes gain access to specific financial services by exploring new features from digital accounts to loan payments. This is BRI’s strategic initiative to create strong financial inclusion that will benefit all customers, including those who live there South Korea.”

“Since five years ago, when the partnership between E9pay and BRI was established, we have been committed to providing a convenient money transfer service to Indonesian workers living in Korea. Today marks a momentous and important occasion as our efforts culminate in the signing of this MOU.” declared Hyuk Goo Jeon, “In the future, we will be more than just business partners. We are a family united by a shared vision. Together we will reach new heights in promoting financial cooperation and development between Korea and… Indonesia.”

In addition, E9pay has announced plans to strengthen ties with its major foreign banking partners and actively expand business operations in the near future. This initiative aims to create a financial network that removes language, geographic and time barriers and ultimately achieves true financial inclusion for Korea’s more than 2.5 million foreign residents.

About Bank Rakyat Indonesia (BRI)
Bank Rakyat Indonesia (BRI) is one of the largest state-owned banks in the world Indonesia. The Bank was founded by Raden Bei Aria Wirjaatmadja December 16, 1895 in Purwokerto, Central Java. Now BRI has more than 9,000 outlets across the country with more than 60 million customers. We create financial inclusion Indonesia, with a focus on micro, small and medium scale by referring to prudential banking principles and implementing environmentally friendly banking operational policies. For more information visit: https://www.bri.co.id/

About E9pay
E9pay is the first fintech company in the world South Korea to obtain the Overseas Remittance Business License from the Ministry of Economy and Finance (MOEF), facilitating efficient P2P, B2C, C2B and B2B overseas remittance/receiving services to/from 126 countries via mobile phone and web platform . Recognized by the MOEF as an ‘innovative financial service’, E9pay uses new IT technologies to provide individuals and businesses with secure and real-time global money transfer solutions. As a trusted leader in Korea’s overseas remittance industry, E9pay has reported a 48.24% CAGR in revenue from 2019 to 2023. For more information visit: https://www.e9pay.co.kr/

Media contact
BRI:
A. Hendy Bernadi
Company Secretary
Tel. : +6221-575-1966
Fax machine. : +6221-570-091
E-mail: (email protected)

E9pay:
Husband HsuanWu
Manager integrated marketing communications (IMC).
E-mail: (email protected)

Source : Leading Indonesian bank BRI invests in financial inclusion with Korean Fintech E9pay via MoU

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