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 thousand Indonesian migrants in South Korea.
BRI is a leading Indonesian bank boasting a global footprint, ranking 4th in ASEAN by The Banker’s Top 30 Asean Banks 2023. E9pay, on the other hand, is Korea’s first licensed fintech company specialising in cross-border remittances and payments.
Having experienced strong growth, E9pay was recognised 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 signifies a commitment to solidify the international partnership between BRI and E9pay by direct investment.
By harnessing the convergence of a bank’s established network and a fintech company’s digital agility, the two entities aim to provide specialised financial services for Indonesian migrant workers, students and spouses in Korea, making financial services as accessible and stress-free for them as in their home country.
The MOU outlines five key areas of collaboration, 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) Platform business expansion.
For years, BRI and E9pay have been a driving force in facilitating remittance services between Korea and Indonesia even before the MOU.
Their convenient native-language (Bahasa) customer support and fast, affordable money transfers help migrant workers send living expenses and education costs to their families back home.
High-level representatives from both institutions gathered at BRI’s Jakarta headquarters on April 30th for the official signing ceremony.
BRI’s delegation included Director of Wholesale & Institutional Banking Agus Noorsanto, Senior Executive Vice President Treasury & Global Services Achmad Royadi, and representatives from 4 other divisions.
E9pay was represented by CEO, Hyuk-Goo Jeon, and FX & Business Development Team Manager, Philip Choi.
Argus said, “BRI facilitates money transfer from South Korea to Indonesia through an integrated network between BRI’s leading platform, BRIfast Remittance, with E9pay’s outstanding digital service.”
“Moreover, Indonesian overseas workers in South Korea have been familiar with E9pay digital app which are available on their smartphones, giving them access to send money to BRI’s vast network in Indonesia.”
Agus also adds, “This partnership with E9pay will give Indonesia’s national foreign income heroes access to distinct financial service by exploring new features from digital accounts, to loan payments. This is BRI’s strategic initiative to establish strong financial inclusion which will benefit all customers, including those who resided in South Korea.”
“Since 5 years ago when E9pay and BRI’s partnership was established, we have been striving to provide a convenient remittance service for Indonesian workers living in Korea. Today marks a momentous and significant occasion as our efforts culminate in the signing of this MOU.” stated Hyuk-Goo Jeon,
“Moving forward, we’re more than just business partners. We’re a family united by a shared vision. Together we will reach new heights in driving financial cooperation and development between Korea and Indonesia,” he said.
In addition, E9pay announced plans to strengthen ties with its major overseas bank partners and actively expand its business scope in the future.
This initiative aims to establish a financial network that eliminates language, geographic, and time barriers, ultimately achieving true financial inclusion for Korea’s over 2.5 million foreign residents.
