Case Study May 23, 2024

MOIN EXPANDS ITS HORIZONS WITH GLOBAL B2B REMITTANCE COVERAGE FOR INDIVIDUALS AND BUSINESSES

Background

Founded in 2016, MOIN is a South Korean cross-border payment service provider that simplifies and reduces the cost of international transactions for both individuals and businesses. The company offers peer-to-peer remittance services to and from over 47 countries worldwide.

Initially, MOIN catered to Korean families sending money abroad for their children’s education and expatriates in Korea remitting earnings home. After achieving success in the consumer market, MOIN expanded into the business-to-business (B2B) sector, supported by Currencycloud, which provided the necessary platform and global payment network to meet their growing needs.

Challenge

As MOIN expanded into the B2B payments space, it encountered multiple challenges that hindered its growth. Traditional issues such as high transaction costs, slow processing times, and opaque exchange rates and fees were significant barriers.

“These challenges limited our ability to compete effectively and meet our customers’ expectations for fast, affordable, and transparent cross-border payment services. Additionally, they led to increased costs and extended transaction times, restricting our operational efficiency and scalability,” said Ilseok Suh, CEO of MOIN.

MOIN required a strategic partner that could provide access to a global payment network, enhance its existing offerings, and support the expansion of its cross-border payments and foreign exchange (FX) services.

Solution

In its search for a partner with strong technological capabilities, deep industry expertise, and extensive global reach, MOIN evaluated several payment platforms before choosing Currencycloud. Ultimately, the decision was influenced by Currencycloud’s industry reputation and the alignment of its solutions with MOIN’s requirements.

“Currencycloud’s global coverage, competitive FX rates, and robust APIs matched our strategic focus on customer satisfaction, innovation, and regulatory compliance,” said Suh.

Integrating Currencycloud’s APIs into its platform, MOIN successfully automated and enhanced its cross-border payment processes. Initial efforts to align both technologies were swiftly addressed with the expert assistance of Currencycloud’s customer support and solutions team, ensuring a seamless operational transition.

“Currencycloud’s main goal is to support MOIN in reducing unnecessary remittance-associated costs for its individual and business customers. We achieved this by equipping MOIN with the ability to respond to fluctuations in the FX market 24/7 through the Currencycloud platform,” said Rohit Narang, Managing Director, APAC at Currencycloud.

“Our collaboration with Currencycloud has been crucial in driving innovation and achieving high customer satisfaction as we scale our business." said Ilseok Suh, CEO of MOIN.

Ilseok Suh CEO of MOIN

Results

Currencycloud has been instrumental in MOIN’s expansion journey, resulting in wider global remittance coverage for their customers. Following the seamless integration of Currencycloud’s APIs with the MOIN platform, MOIN has been able to streamline its operations to offer faster, more affordable, and secure transactions directly from a single platform. Currencycloud’s access to a global payments network has also enabled MOIN to expand its payment coverage beyond Korea to over 47 countries.

Since partnering with Currencycloud, MOIN has not only reduced costs and accelerated service delivery but also improved its profitability through more competitive rates and expanded service offerings. These improvements have led to substantial savings, increased revenue, and higher customer satisfaction.

“Our collaboration with Currencycloud has been crucial in driving innovation and achieving high customer satisfaction as we scale our business.” said Ilseok Suh, CEO of MOIN.

The ongoing collaboration between Currencycloud and MOIN is committed to optimising payment processes, developing new features, and upholding stringent global regulatory standards. The partnership continues to set new benchmarks in the financial services sector, charting a new course for future growth and customer-focused solutions.