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Payoneer Partners With EC21 to Grow Korean SMBs Globally

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Through Payoneer’s API integration for cross-border payments, EC21 now makes it easier for SMBs to sell into over 190 countries and territories

NEW YORK, June 28, 2022--(BUSINESS WIRE)--Payoneer (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, and EC21, a Korean-based global B2B marketplace, have partnered to support the cross-border business of Korean SMBs.

EC21 was founded in 2000 as a spin-off of the Korea International Trade Association (KITA) eTrade Services division. The EC21 marketplace connects millions of buyers and sellers from around the world with Korean B2B companies’ online storefronts. In addition to acting as a B2B marketplace, EC21 provides domestic SMBs with consulting on overseas marketing and trade.

Under this partnership, EC21’s billing system will integrate Payoneer’s ERP API service. This solution enables Korean SMBs to manage their Payoneer accounts, analyze their revenue, and send and receive payments in over 190 countries and territories, all directly from within the EC21 platform.

EC21 is one of Korea’s largest B2B platforms, serving 90,000 Korean SMBs and 2.5 million SMBs around the world who market and sell over seven million products in the online marketplace. EC21’s user base spans geographies, including China (34%), the U.S. (13%), and India (7%) and covers a range of B2B businesses, including auto parts, agricultural goods, consumer electronics, and fashion accessories and apparel. With 14 offices around the globe and partnerships with other export promotion organizations such as the Canada Export Centre and the EU Gateway Program for promoting EU exports to Korea, EC21 integrates Korean SMBs with global markets.

"With the new Payoneer partnership, EC21 can better support domestic SMBs ready to explore and expand into overseas markets," said Young Look Song, CEO of EC21. "EC21’s marketplace and trade promotion services, coupled with Payoneer’s rich cross-border financial capabilities, makes EC21 a go-to partner for Korean SMBs."

"The partnership with EC21 will serve as catalyst for SMBs in Korea to expand internationally and propel their business growth," said Woo Lee, VP Regional Head, East Asia of Payoneer. "Korean SMBs now have the ability to buy and sell globally while paying and receiving payments according to local preferences, making it easier to partner with overseas suppliers and customers."

For more information on EC21, visit https://www.ec21.com/. For more information on Payoneer, visit www.payoneer.com.

About Payoneer

Payoneer is the world's go-to partner for digital commerce, everywhere. From borderless payments to boundless growth, Payoneer promises any business, in any market, the technology, connections and confidence to participate and flourish in the new global economy.

Since 2005, Payoneer has been imagining and engineering a truly global ecosystem so the entire world can realize its potential. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world's leading digital brands like Airbnb, Amazon, Google, Upwork, and Walmart, Payoneer offers a universe of opportunities, open to you.

Forward-Looking Statements

This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered "forward-looking statements". Forward-looking statements generally relate to future events or Payoneer’s future financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include but are not limited to the occurrence of any of the risks and uncertainties set forth in the section entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements", as well as any further risks and uncertainties contained, in Payoneer’s Annual Report on Form 10-K for the period ended December 31, 2021 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220628005405/en/

Contacts

Investor contact
Investor Relations
investor@payoneer.com

Media contact
Irina Marciano
PR@Payoneer.com

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