News
SentBe Enters the Global $5.9B Digital Overseas Remittance Market
By 2031, the digital overseas remittance market, expected to grow annually by 22%, will likely reach $45.2 billion. In this burgeoning market, SentBe, led by CEO Alex Seong-Ouk Choi, has announced its definitive entry.
Following the June introduction of the API-based B2B payment solution ‘SentBiz KRW Collection’, supporting seamless international business payments for foreign enterprises requiring Korean Won collection and multi-currency settlements, SentBe is poised to expand its personal small-scale overseas remittance service regionally on a global scale.
Recent studies by global market research platform Business Research have forecast the digital overseas remittance market, worth $5.9 billion in 2022, to grow at a 22% annual rate, reaching $45.2 billion by 2031.
The rise in migrant workers and the increasing prevalence of easy and quick remittance options, compared to traditional banking services, are accelerating this growth.
In response, SentBe is intensifying its direct global market entry, capitalizing on its competitive edge in digital overseas remittance services. Having established a corporation in Singapore, Asia’s forex financial hub, SentBe is bolstering its competitiveness in providing overseas remittance and payment services, utilizing its efficiency, ease of use, and customer accessibility.
SentBe’s remittance services are well-recognized for their low fees, rapid processing, 24/7 availability, and recipient-friendly options.
Established in 2015, SentBe strives toward its mission of “A World Without Financial Borders,” developing a broad global partnership network and building a business infrastructure aligned with global standards.
SentBe showcases both the individual small-scale overseas remittance service ‘SentBe’ and the business-focused overseas remittance and payment solution ‘SentBiz’.
Particularly noteworthy, SentBe initiated its C2C service in 2016, focusing initially on migrant workers within Korea. This service was distinguished by its safety, convenience, and competitively low fees.
Following its domestic success, SentBe expanded this service across various Asian countries, including Singapore and Indonesia, based on its strong performance and positive reception. As SentBe prepares for its entry into the global market, the C2C service is set to broaden significantly.
This expansion will cater not only to migrant workers and Korean expatriates within the countries where the service is offered but also to students and other long-term residents from Korea, effectively making SentBes services accessible to a global audience.
Currently, SentBe’s C2C service supports remittances to over 50 countries globally, including the United States, Thailand, the Philippines, and Malaysia, with the capability to complete transactions within a single day. Offering remittance fees that are up to 90% lower compared to conventional banks, this service has become increasingly popular among migrant workers in Korea and across Asia.
According to SentBe’s 2023 Business Impact Report, from 2016 to 2023, migrant workers using the C2C service have saved a total of $264 million in fees. Notably, 71% of these transactions have been remittances sent back to Southeast Asia, indicating that the savings on fees significantly boosted the amount of money workers could send home.
Looking forward, SentBe is committed to further refining the remittance process, drawing on its comprehensive understanding of the remittance needs and experiences of migrant workers from Asia, including those in Korea, Indonesia, and Singapore.
Additionally, SentBe is significantly enhancing cost reduction and operational efficiency for both domestic and international companies through its proprietary API settlement solution, ‘SentBiz’.
This service offers tailored financial solutions to global corporations that require local settlements in individual countries. From 2020 to 2023, companies utilizing SentBiz have realized a total of $76 million in fee savings.
The recently launched SentBiz KRW Collection, for instance, provides a comprehensive one-stop service for international money transfer operators (MTOs), payment gateway (PG) providers, and global e-commerce platforms that need to collect Korean Won within the Korean market.
This service simplifies complex financial processes by offering features such as multi-currency settlements in 31 global currencies across 174 countries, enabling payment without the need for currency exchange through the use of secure virtual accounts
CEO Alex Seong-Ouk Choi of SentBe said, ‘We are continually researching the affordability, accessibility, and inclusiveness of SentBe’s offerings, as evidenced by our 2023 Business Impact Report.
Notably, 68% of transactions through our personal small-scale overseas remittance service occurred outside of traditional banking hours, and it was found that approximately 80% of transactions from our B2B client’s single requests consisted of multiple transactions, which were often processed on the same day.
For corporate clients, eliminating the need to visit a bank not only enhanced accessibility but also significantly improved their operational efficiency.
Although usage patterns vary among customers, 92% of all transactions across these services were completed within 24 hours of the request, and 90% of transactions over weekends were completed within one day.
The reason both individual and corporate clients are highly satisfied with SentBe’s services is that they offer the convenience of handling multiple transactions swiftly and outside of regular banking hours, which is not possible with traditional financial institutions.’”
CEO Choi added, “The widespread adoption of our online remittance services by both individuals and businesses has significantly contributed to the rapid growth of the digital overseas remittance market.
“As SentBe continues to expand internationally, leveraging our innovative solutions, unique business infrastructure, and secure management capabilities, we aim to be recognized as a leading cross-border payment solution company in the global fintech payment/remittance sector”.
Meanwhile, SentBe continues to drive sustainable growth and expand its geographical and service reach in the global market, based on its achievements in Korea and Asia.
It operates a dedicated in-house Legal & Compliance Division, comprising domestic and international financial legal experts, ensuring compliance with global laws and managing foreign exchange risks.
With over 80 global partnerships, SentBe maintains an information security system and safety standards that meet global criteria.
Moreover, SentBe is the first and only Korean fintech firm to have acquired a Singapore Cross-border Money Transfer Service License from the Monetary Authority of Singapore (MAS) in 2020, solidifying its robust legal foundation for handling international remittance and payment transactions.
Mobility technology company, Moove has raised $250 million in a Series C funding round at a valuation of $2.1 billion, reaching unicorn status.
The startup will deploy the fresh capital to build out autonomous vehicle infrastructure, expand fleet ownership, construct robotics-focused “Nests” for charging and maintenance, and grow its autonomous workforce from 150 to 500 by year-end.
The company plans to enter additional global markets, reflecting a strategy to build the operational infrastructure required for large-scale autonomous transportation rather than simply supplying vehicles.
Led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific, the round also included new investors BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers BlackRock, MUFG, Franklin Templeton and Uber.
“Autonomous mobility is becoming an infrastructure race requiring fleets, charging systems, maintenance, data infrastructure and continuous city-level operations,” said Ladi Delano, co-founder, co-CEO and advisory board chairman of Moove.
Founded in Lagos in 2020, Moove has grown into a global mobility platform employing about 3,300 people across 29 cities in 13 countries, operating approximately 42,000 vehicles and reaching $420 million in annualised recurring revenue.
It has expanded organically and through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Moove also operates autonomous vehicle fleets in partnership with Waymo in Phoenix and Miami, with London expected to join its footprint.
The $2.1 billion valuation places Moove among Africa’s small group of tech unicorns, alongside Flutterwave, OPay, Moniepoint, Andela, Chipper Cash, Wave, Tyme, MNT-Halan and Interswitch.
The $250 million round is the largest single funding deal announced by an African startup this year, though EV mobility firm Spiro raised $270 million cumulatively across two separate rounds.
Heirs Life Assurance, the specialist life insurance company of Heirs Insurance Group, has appointed Pastor Jerry Eze as an Independent Non-Executive Director on its Board, effective August 10, 2026.
L – R: Tony Elumelu, Chairman, Heirs Life Assurance; Pastor Jerry Eze, incoming director, Heirs Life Assurance
The appointment reinforces Heirs Life Assurance’s commitment to expanding financial inclusion and accelerating insurance adoption by strengthening public trust, consumer education, and long-term financial resilience across Nigeria.
Despite being Africa’s largest economy, Nigeria’s insurance penetration remains below one percent – among the lowest globally – highlighting the need to expand financial protection and build greater public trust in insurance.
As Heirs Life continues to pursue its mission of making insurance accessible to every Nigerian, Eze’s appointment brings a unique perspective on community engagement, value-based leadership, and broad societal impact.
Pastor Jerry Eze is the Founder and Lead Pastor of Streams of Joy International Ministry, a growing multinational ministry with 34 branches across West Africa, Southern Africa, Europe and North America.
He is also the convener of the New Season Prophetic Prayers and Declaration (NSPPD), one of the world’s largest digital prayer platforms, reaching millions of people daily. Through his ministry and humanitarian initiatives, he has become one of Africa’s most influential voices, championing hope, compassion, and community transformation.
Beyond ministry, Eze is the Founder of the Jerry Eze Foundation, a faith-led philanthropy where he provides housing support and grants to vulnerable and underserved communities.
In 2026, he announced N1billion in grants to support young entrepreneurs across agriculture, technology, and manufacturing, further advancing enterprise development and economic opportunity.
Before entering full-time ministry, Pastor Jerry Eze built a career in development communications, serving as a Communications Specialist on a World Bank HIV/AIDS programme and with the United Nations Population Fund (UNFPA).
He holds a Bachelor’s degree in History and International Relations from Abia State University and a postgraduate degree in Business Administration from Enugu State University of Science and Technology.
Speaking about the appointment, Tony O. Elumelu, CFR, Chairman, Heirs Life Assurance, said: “Pastor Jerry brings an exceptional combination of integrity, influence, and a deep understanding of people and communities.
“As we continue our mission to democratise access to insurance, his insight will help strengthen consumer trust, deepen financial inclusion, and reinforce our commitment to protecting the financial future of millions of Nigerians.
“We are delighted to welcome him to the Board of Heirs Life Assurance and the broader family of Heirs Insurance Group.”
Commenting on his appointment, Pastor Jerry Eze said: “I am honoured to join the Board of Heirs Life Assurance at a defining moment for the insurance industry. Financial security empowers individuals, families, and businesses to pursue their aspirations with greater confidence and resilience.
“I look forward to working with the Board and Management to advance the company’s mission of making insurance more accessible, relevant, and impactful for every Nigerian.”
Heirs Life Assurance has become one of Nigeria’s leading specialist life insurance companies, ranking 7th on the Financial Times list of Africa’s fastest-growing companies.
It is one of the three insurance businesses of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.
Combining an omni-channel digital presence with physical branches spread across the country, Heirs Life continues to redefine life insurance through innovation, customer-centric solutions, and a commitment to making financial protection accessible to every Nigerian.
Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, collectively serves over 3 million people directly and indirectly.
The Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
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