Hecto Financial launches MAMS

The newly launched platform provides a three-in-one settlement solution, allowing businesses to manage receivables, payables, and foreign exchange efficiently. Additionally, Hecto Financial’s MAMS aims to simplify the process by improving all functions in its platform and eliminating the traditional method that involved three banks, including one in Korea, one as an intermediary, and one in the home country. After receiving access to Hecto Financial’s MAMS, clients can manage pay-ins and payouts with local Korean partners, with the platform prioritising the user experience and providing a one-page overview of payables and receivables. The company’s team also responds to timely requests throughout the funds’ processing, focusing on ensuring an efficient and convenient financial journey.

Furthermore, Hecto Financial’s MAMS platform enables the received payments to be matched with the expenses of specific local Korean partners who deal in KRW, with the solution handling all the required settlements in KRW and all remaining funds being converted into the chosen currency. By minimising the amount to be converted into foreign currency upon finalising the payment process in Korea, fluctuations in foreign exchange are set to have a diminished effect on foreign entities. In addition, the platform also offers legal and tax capabilities, with companies not needing to have their physical presence in the region or to open a bank account tied to a Korean bank. Considering that there is no business activity for a company situated in Korea, there is no legal requirement to pay corporate taxes or report on transactions to Korean financial authorities. This approach intends to ensure simplified compliance and enable foreign businesses to advance their operations without handling additional costs.

Hecto Financial’s semi-banking activities are authorised by the Korean government, which provides the company with the requisite licence to offer electronic financial transaction services. The company enhanced its position in the industry via individual contracts with 21 local banks in the region and, with its network, it intends to enable users to process their remittances to and from any bank through a unified platform. Also, Hecto Financial’s MAMS platform plans to ensure increased safety and security of international fund transfers through foreign exchange processing with a global bank.

The MAMS platform supports industry participants in maximising their sales profit while optimising cost reduction. Hecto Financial’s solution has no upfront costs, minimal fees for foreign exchange conversion, no need for office establishment in Korea, no tax obligations, and no compliance complexities, among others. The press release mentions that the list of the company’s partners continues to grow and the launch of MAMS underlines Hecto Financial’s commitment to simplifying cross-border transactions for businesses operating in Korea.

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