EMQ, a Hong Kong-based financial settlement network, announced that it has expanded its operations into the South Korean market, offering cross-border payment capabilities worldwide.
“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 2024, 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 said that it 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 with EMQ Connect API.
EMQ’s API-powered solutions can settle cross-border transactions and support a multitude of front-end use cases, while enabling global businesses to automate their workflows and optimise operational efficiency.
The latest development comes on the heels of a recent series of expansion initiatives to bolster EMQ’s network infrastructure globally, which reportedly 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 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.
Featured image credit: Edited from Pexels
