New market entry to support global enterprises with international cross-border payments across EMQ’s extensive global settlement network
HONG KONG & SEOUL, South Korea--(BUSINESS WIRE)--Global financial settlement network EMQ today announces its footprint expansion into South Korea, offering enterprise customers worldwide the benefits of a faster, transparent, and more efficient cross-border payments. By connecting EMQ’s global network to South Korea, we are able to provide increased access to our global network ecosystem and meet the demands from global businesses for transparent, fast and reliable cross-border payments.
“South Korea has one of the most vibrant digital economies in the world with its retail e-commerce volume estimated at $90.5 billion by 20241, and global business would require access to an agile network infrastructure like EMQ that facilitates seamless cross-border payouts in local currencies without multiple intermediaries,” said Max Liu, co-founder and CEO of EMQ. “Our expansion to South Korea further strengthens our capabilities to deliver innovative and value-added solutions with “in minutes” service levels for our customers. We look forward to helping our global customers expand into this high growth market as well as connecting local enterprises to over 80 markets across our global network."
Already live in South Korea, EMQ can now provide global businesses with the full breadth of intelligent workflows, embedded with FX capabilities and real-time AML screening, through one single integration - EMQ Connect API. Our API-powered solutions can effectively settle any cross-border transactions and support a multitude of front-end use cases, while enabling global businesses to automate their workflows and optimize operational efficiency.
“This market expansion is a significant milestone to our ongoing global expansion, while further bolstering our market presence in the Asia Pacific region. We will continue to grow our network of strategic partners and explore new ways to expand our payments infrastructure to address the evolving global payment landscapes,” Liu added.
The latest development comes on the heels of a recent series of expansion initiatives to bolster EMQ’s network infrastructure globally, which currently spans over 80 global markets throughout Asia Pacific, Africa, Europe and North America. EMQ has also significantly enhanced its product portfolio to offer cross-border payments in minutes across China, Singapore, South Korea, India, Indonesia, Cambodia, Vietnam, Nepal, Philippines, the United Kingdom, and 19 markets in Africa, with more markets underway for near real-time capabilities by Q1 2021.
The company is currently licensed in Hong Kong, Singapore, Indonesia and registered as a Money Service Business in Canada. EMQ was also accepted into Taiwan’s Regulatory Sandbox by the Financial Supervisory Commission in Taiwan.
EMQ operates a global financial settlement network that provides a faster, more affordable and transparent cross-border settlement solution for businesses around the world, while adhering to complex regulations and compliance standards in different markets. Our flexible network infrastructure has been built to effectively settle any cross-border movement of capital and can be deployed across multiple vertical industries for a broad range of services, including e-commerce, merchant settlement, procurement, remittance, payroll, etc.
E-commerce in South Korea - Statistics & Facts, Statista 2020
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