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CU gets into the foreign exchange transaction business

Published: 26 Nov. 2020, 18:48

Song Ji-taek from BGF Retail, left, and Lee Jae-pyo, CEO of Utransfer take a commemorative photo of their partnership, Thursday. [UTRANSFER]

BGF Retail inked a memorandum of understanding with the Utransfer money transfer service to get into financial technology, the companies announced Thursday.

Utransfer is a remittance app that allows cash transfers to 58 countries.

The two companies plan to develop foreign exchange services which can be used through CU convenience stores and their ATM machines. This comes after the Ministry of Economy and Finance waived regulations on new services in the foreign exchange businesses.

Customers can conduct foreign exchange transactions online and receive the proceeds at nearby CU convenience stores. It's also planning to introduce a remittance service for foreign visitors to Korea. The cash can be accessed in the Korean won through ATM machines at CU stores.

The convenience store chain has been actively partnering with fintech companies. The company introduced various financial services such as a non-bank account remittance service, pet insurance and cryptocurrency services.

BY KANG JAE-EUN [[email protected]]