Korean FinTech WireBarley Collaborates With TenCent on Payments to China

Korean money transfer service WireBarley formed a partnership with Tencent Financial Technology for overseas remittances, the company said in a news release Tuesday (Feb. 15).

The collaboration makes WireBarley the first Korean FinTech company to work with Tencent Financial Technology on inbound remittance service into China through Weixin, the Chinese version of Tencent’s WeChat.

“The partnership between the two tech companies is expected to further enhance the overall user convenience,” the companies said. “When a WireBarley user sends money to China, a recipient can now easily receive the money through Weixin, which has gradually evolved from a social communication app to being a way of life in China.”

Read more: Paysend, Tencent Collaborate on Cross-Border Payments

Weixin will become an available option between payment corridors from WireBarley’s 11 sending countries — which include Korea, the U.S. and Canada — to China.

Founded in 2016, WireBarley offers 520 corridors for personal remittance and recently began offering B2B remittance and eWallet services “as it seeks to be not only Asia’s leading remittance company but to leap forward to become a global total payment platform.”

According to a post on its Facebook page, the company takes its name from “Wire,” as in wiring someone money, and the fact that barley was the world’s first form of currency, per the book Sapiens: A Brief History of Humankind.

Working with Tencent Financial Technology lets the company offer more convenient remittance service and delivery methods for customers sending money to China, Joongwon John Yoo, CEO of WireBarley, said in the news release.

“Together with our 50 partner companies, we plan to build a fintech ecosystem without borders,” said Yoo. “We aim to provide a convenient and safe cross-border remittance experience to our worldwide customers.”

New customers sending funds to Weixin users in China will get a $20 WireBarley coupon (or its equivalent in local currency) when the transaction is completed through the end of February. WireBarley says the promotions applies to all remittances made to China from WireBarley’s 11 sending countries: Korea, Australia, the U.S., New Zealand, Canada, the U.K., France, Germany, Italy, the Netherlands and Ireland.