SEOUL, South Korea, Nov. 18, 2022 /PRNewswire/ — Cashmallow, a financial technology company providing global travel money solution for financial services and travelers, announced its partnership with PT Bank Negara Indonesia (Persero) Tbk. (BNI), an Indonesian state-owned bank, to provide cardless cash withdrawals in Indonesia through MallowLink, a worldwide surcharge-free ATM network.
The partnership with BNI will enable Cashmallow users who visit Indonesia to withdraw cash using a simple OTP code from over 17,000 BNI ATMs and cash pick-up points, including Jakarta Airport and Bali Airport. Moreover, users will not be charged for withdrawal from ATMs, including foreign transaction fees, card brand fees, and surcharge fees.
Hyeongun Yun, CEO of Cashmallow, commented on the partnership "We are excited to partner with BNI, the leading bank of Indonesia that embraces innovation to deliver an exceptional experience to customers. The addition of Indonesia to the MallowLink network is a major step towards our goal to provide safe, convenient, and inexpensive ways for anyone to access the world’s cash wherever and whenever."
MallowLink is a worldwide ATM API aggregator that enables financial services to provide cardless travel money withdrawal services to their customers with low transaction fees. Customers can exchange their travel money from their bank apps and pick up their travel money from the nearest ATM powered by MallowLink.
Cardless cash withdrawal from BNI outlets will be available in the first quarter of 2023 through MallowLink partner services and the Cashmallow app. Cashmallow currently offers cardless ATM withdrawals in Japan and South Korea and will be available in Thailand in December 2022. The company will continue to expand its network to new cities worldwide.
Cashmallow aims to remove the barriers and inefficiencies of traditional cross-border money transactions by connecting people, businesses, and financial institutions. Cashmallow helps people and businesses save money, boost efficiency, and have equal access to the world currency through MallowLink, a powerful travel money solution for financial services, and Cashmallow, an innovative money exchange app for travelers. Established in 2016, Cashmallow is based in South Korea with locations in Singapore, Hong Kong, Taiwan, and the Philippines.
BNI is one of the largest banks in Indonesia, with investment-grade rating, BNI supports its business partner with vast network through: 9 Overseas Offices in 7 countries (Singapore, Hong Kong, Seoul, Tokyo, London, New York, Amsterdam), 30 Remittance Representatives in 8 Countries (Malaysia, Taiwan, Hong Kong, South Korea, Kingdom of Saudi Arabia, UAE, the Netherlands and Indonesia), 55 Trade and Treasury Hubs all across Indonesia, more than 1,400 Correspondent Banks Globally and 200,000 domestic networks and BNI ATM.
Supported by vast network reach, centralized trade processing and internationally-certified trade specialist, BNI cemented its position as Indonesian leading bank running international banking businesses such as Trade Finance, Remittance Service, International Desk, and Export Import Platform for SME (BNI Xpora).
Cashmallow Co., Ltd.