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Enabling a more efficient global remittance service

Find out how Korea’s Nonghyup Bank increased transaction volumes after launching an enhanced global remittance service.

18 May 2026

3 mins

Corporate & investment bankingBanks and broker dealersTransaction banking
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Committed to supporting Korea’s agricultural sector, Nonghyup (NH) Bank aims to offer a leading global remittance service to seasonal workers. However, varying requirements from recipient banks in overseas markets made this increasingly difficult. Through a partnership with Standard Chartered, NH Bank now provides a faster, lower-cost service – while also reducing its own costs and resource needs.

Results

  1. Through its partnership with Standard Chartered, NH Bank now provides key customers with a faster, lower-cost global remittance service.
  2. NH Bank saw customers’ remittance flows more than double in the first months after launching the new service.
  3. By leveraging Standard Chartered’s Global Clearing offering and correspondent banking network, NH Bank has reduced the administrative burden and costs associated with cross-border transactions and reporting.

Background

NH Bank is Korea’s only bank that is fully funded with domestic capital. It plays a dual role, providing full commercial and retail banking services while supporting the nation’s agricultural sector.

With the nation’s largest branch network, NH Bank stays close to its customers and supports their financial journeys. It also focuses on agriculture and rural communities, while fulfilling its social responsibilities.

Challenges

NH Bank handles a large volume of remittances from seasonal workers on short-term work visas (the E-8 visa), such as those from Southeast Asia.

Local financial institutions in some recipient markets impose varying requirements for processing incoming remittances. This created substantial administrative burden and cost for NH Bank, prompting it to seek a faster, more cost-effective approach.

The new solution needed to prioritise customers’ needs. In line with NH Bank’s commitment to the agricultural sector, the service needed to be fast, affordable, and compliant.

Given the rapid evolution of the cross-border payments market, the bank wanted more than a short-term fix. It sought an agile partner that could adapt its offering as the landscape continued to shift.

Solution

Drawn by its strong network across Asia, NH Bank reached out to Standard Chartered. The two banks formed a partnership focused on developing a new offering for overseas seasonal workers.

NH Bank subsequently launched the NH Global with E-8 package for this customer group. It leverages Standard Chartered’s Global Clearing offering to provide a faster, lower-cost global remittance service for new seasonal-worker customers – while offering NH Bank clarity and peace of mind.

Early success with the solution has set the stage for both banks to explore further collaboration.

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For us, the most important thing is to provide fast, affordable, and compliant remittance services that are transparent and trustworthy. Standard Chartered's ability to handle a wide range of currencies and its extensive network of correspondent banks makes this partnership extremely valuable.
Lee Ji-Yeon
Team Head, International Banking Product, Nonghyup Bank

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