WireBarley Boosts Reliability Through SOC 1 and SOC 2 Compliance Audits

Key Takeaways

WireBarley successfully completed SOC 1 and SOC 2 compliance audits, enhancing service reliability.
The audits were conducted by KPMG Samjong, affirming WireBarley’s strong internal controls and information security.
WireBarley has also maintained PCI-DSS certification for three years, highlighting its commitment to secure payment processes.

WireBarley Achieves Key Compliance Milestones

WireBarley, a prominent cross-border payment solution provider based in South Korea, has significantly enhanced its service reliability by successfully completing both SOC 1 and SOC 2 compliance audits. These audits are critical in the financial and fintech industries, as they evaluate and certify the internal controls and information security management systems of service providers.

The System and Organization Controls (SOC) framework, established by the American Institute of Certified Public Accountants (AICPA), allows companies to demonstrate their credibility and security on a global scale. SOC 1 focuses on the adequacy of internal controls related to financial reporting, while SOC 2 examines the company’s information security management system across five vital principles: Security, Availability, Processing Integrity, Confidentiality, and Privacy. WireBarley achieved compliance specifically in the areas of Security and Availability.

WireBarley’s completion of these audits follows a series of earlier assessments, including SOC 1 Type 1 and Type 2 reports and SOC 2 Type 1 in 2024. The latest audits resulted in the final SOC 2 Type 2 report, which evaluates the effectiveness of controls over time. KPMG Samjong Accounting Corp., an independent auditor, conducted the audits for WireBarley.

Joongwon John Yoo, CEO of WireBarley, commented on this achievement, calling it “a significant milestone” for the company and emphasizing its collaboration with over 50 global partners to establish a reliable service within the global finance and fintech sectors. The CEO also assured that WireBarley will continue to enhance its security and compliance measures to instill confidence among customers and partners.

Obtaining SOC 2 reports is particularly notable for WireBarley, as this certification is often pursued by larger IT firms, indicating a recognition of the company’s global-level security and internal controls, despite being a fintech startup. In addition to these audits, WireBarley has upheld the Payment Card Industry Data Security Standard (PCI-DSS) certification for three consecutive years, underscoring its strong security capabilities in protecting card payment data.

The company operates a dedicated Compliance Committee comprising professionals from the countries it serves, ensuring adherence to local regulations while providing individual and business remittance services. WireBarley currently facilitates transactions from seven sending countries and regions, including South Korea, the United States, Canada, Australia, New Zealand, Hong Kong SAR, and Vietnam, with services available to 46 countries worldwide.

Founded in 2016, WireBarley rapidly expanded across the Asia-Pacific region and was the first Korean overseas remittance company to enter the U.S. and Canadian markets. The company maintains multiple subsidiaries in regions such as Australia, New Zealand, Singapore, Hong Kong SAR, and the U.S. Its FX and corporate treasury center in Hong Kong is vital for effective foreign exchange management and establishing partnerships with significant banks and payment players. With over 520 remittance corridors, WireBarley serves 1 million customers, boasting a mobile app with over 2 million downloads. The company aims to evolve into a comprehensive global payment platform by expanding services beyond remittances to include B2B remittance solutions, e-wallet services, and multi-currency cards, positioning itself as Asia’s leading remittance provider.

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