Suho.io Signs MOU With Cross ENF to Build Cross-Border Remittance Infrastructure

Suho.io, a next-generation financial infrastructure company, said May 8 that it signed a memorandum of understanding with Cross ENF, a fintech company specializing in small-value overseas remittances, to build a global remittance network and advance payment systems.

Under the agreement, the companies will jointly study ways to improve the efficiency of overseas remittances in response to changes in the digital finance environment and the adoption of next-generation financial technology.

Suho.io plans to address structural limitations in existing cross-border remittance systems by combining its payment and settlement infrastructure solution, Ezys, with Cross ENF's global remittance operations capabilities.

The companies will focus on reducing operational inefficiencies in the remittance process, including waiting times on weekends and holidays and the burden of prefunding.

They will continue working-level discussions on the potential introduction of the remittance system and how it would operate. The companies also plan to review ways to connect a payment layer with stability as the priority.

"The importance of innovative payment infrastructure is increasing in global financial markets," Suho.io Chief Executive Officer Park Ji-soo said. Through the partnership, the company will seek to strengthen the competitiveness of its overseas remittance service and explore ways to build a future-oriented remittance environment, he added.

Cross ENF Chief Executive Officer Shin Won-hee said the partnership with Suho.io would help the company assess the competitiveness of its overseas remittance service and build a meaningful partnership.