#South Korea #Seoul #Fintech #SOC 2 #WireBarley

WireBarley Strengthens Security Through SOC Compliance Audits

In a significant move to bolster its reputation as a reliable player in the global fintech landscape, WireBarley has recently completed the SOC 1 and SOC 2 compliance audits. This achievement marks an important milestone for the cross-border payment solution provider, which has been gaining traction in the international remittance sector.

Understanding SOC Compliance

System and Organization Controls (SOC) are standards developed by the American Institute of Certified Public Accountants (AICPA) to assess internal controls of service providers. Specifically, SOC 1 focuses on internal controls relevant to financial reporting, while SOC 2 evaluates the effectiveness of information security management systems. Both audits are essential for financial and IT service companies to demonstrate their commitment to security and operational integrity.

WireBarley’s recent audits were conducted by KPMG Samjong Accounting Corp., an independent auditor, which underscores the rigor of the assessment process. The company not only passed the SOC 1 audit but also excelled in the SOC 2 audit, achieving compliance in key areas such as Security and Availability.

The Impact of SOC Compliance on WireBarley

The completion of these compliance audits places WireBarley in an elite category, particularly noteworthy for a fintech startup. Joongwon John Yoo, the CEO of WireBarley, expressed pride in this accomplishment, highlighting that it demonstrates the company's ongoing collaboration with over 50 global partners.

"This achievement of the SOC reports is a significant milestone that demonstrates WireBarley, in collaboration with over 50 global partners, is establishing itself as a reliable service in the global finance and fintech industry," stated Yoo. This successful audit journey, which began with obtaining SOC 1 Type 1 and Type 2 reports followed by SOC 2 Type 1 in 2024, culminated in achieving the SOC 2 Type 2 report earlier this year.

A Commitment to Security

Beyond the SOC compliance, WireBarley has also maintained the Payment Card Industry Data Security Standard (PCI-DSS) certification for three consecutive years, reiterating its commitment to protecting sensitive card payment data. Additionally, WireBarley established a Compliance Committee composed of regulatory experts from the various countries where it operates, ensuring adherence to local laws and regulations.

Global Reach and Service Expansion

Established in 2016, WireBarley has swiftly expanded its market presence in the Asia-Pacific region and is recognized as the first Korean remittance company to establish operations in the U.S. and Canadian markets. The company currently offers individual and business remittance services across seven sending countries, including South Korea, the United States, and Canada, enabling transfers to 46 countries worldwide.

With a robust infrastructure, WireBarley operates multiple subsidiaries across key global markets like Australia, New Zealand, Malaysia, and the United States. Their Hong Kong-based FX and corporate treasury center plays a crucial role in effective foreign exchange management and cultivating partnerships with important banks and payment processors.

WireBarley now facilitates over 520 remittance corridors and serves more than 1 million customers, with its mobile application achieving 2 million downloads. As part of its mission to become a leading global payment platform, the company is also integrating B2B remittance solutions, e-wallet services, and multi-currency card offerings.

Future Aspirations

With these new certifications under its belt, WireBarley is poised for future growth and innovation. The company's unwavering focus on security and compliance not only safeguards their operations but also builds confidence among consumers and partners. As WireBarley continues to invest in its capabilities and expand its service offerings, it aims to establish itself as Asia's premier remittance provider.

For more information about WireBarley and its services, visit www.wirebarley.com.