[DigitalToday reporter Ji-young Lee (이지영)] Shinhan Bank is launching a "cross-currency overseas remittance service" to improve convenience for corporate customers’ overseas payments and global cash management.

Shinhan Bank said it will roll out the corporate-only "cross-currency overseas remittance service" from June 25.

The cross-currency overseas remittance service uses different currencies for remittance processing and final receipt. It uses U.S. dollars during the remittance process and pays funds to overseas recipients in the relevant country’s local currency.

The service will be available at Shinhan Bank branches. It will support 11 currencies, including the Taiwan dollar, Mexican peso, Malaysian ringgit and Philippine peso, and is set to expand to a total of 27 currencies in July.

Shinhan Bank expects the service to be used for corporate overseas funding needs such as payments to overseas business partners, remittances of operating funds to overseas local subsidiaries, and settlement of trade payments. It can be used without a separate remittance limit if reporting and documentation procedures are completed in line with relevant laws and foreign exchange transaction rules.

A Shinhan Bank official said, "As companies’ overseas expansion and trading regions expand, demand from corporate customers seeking to remit in various local currencies is also increasing," adding, "We will continue to expand foreign exchange services so that corporate customers’ global financial transactions can be carried out smoothly."