Large South Korean groups get bitcoin remittance legalization
A large group of South Korea is entering the bitcoin remittance market. The Dongbu group is in cooperation with bitcoin remittance service providers through its subsidiary Sentbe savings bank. Earlier, the South Korean government will “micro” bitcoin remittance legalization.
A South Korean conglomerate in cooperation with bitcoin
Dongbu group was founded in 1969, is a large multinational enterprise in South korea. Industrial production, chemical industry, shipping, insurance and financial products of the group.
One of its subsidiaries which is founded in 1972 Dongbu savings bank. The bank announced this week, with bitcoin remittance company Sentbe signed a MOU. A bank official said:
“We have been committed to the business alliance, and prepare for the fourth industrial revolution to traditional banks.”
Headquartered in South Korea in 2016 Sentbe in the use of bitcoin overseas remittance concept won a financial technology award. The service allows customers to Philippines, Vietnam, Indonesia, Japan and Chinese remittance. It introduces the website that users can save the charge of traditional bank 95%. The recipient will receive funds in 24 hours.
“This is the purpose of MOU is to ensure that both sides of the business opportunities through, explore new business models based on new technology and WSBI network technology to overseas subsidiaries,” announcement details.
WSBI on behalf of the 6000 financial institutions in about 80 countries worldwide interests. Dongbu bank is the first company in 2003 officially registered as WSBI Korea savings bank. Through the association, cooperation of the bank and many financial institutions around the world, including the Bank of Sweden and Germany Fra-Spa. In Asia, its cooperation with the Philippines Postal Savings Bank of Indonesia, the National Housing Bank, national savings bank, Sri Lanka, Thailand government savings banks, savings banks and Malaysia savings bank uzbekistan.
In July, bitcoin remittance legalization
This partnership follows the revised Foreign Exchange Act, the Act came into force in July 18th. Asiana Financial Institute senior researcher KangMi-jung said at the time, “domestic banks need to find a simple and inexpensive method for expenses to provide remittance services and establish a new profit model through cooperation with financial technology.”
The new law will legalize bitcoin exchange transfer. To provide such services to the financial technology company financial supervision services in the country (FSS) registration, and meet certain financial requirements. Paid in capital of more than 2 billion won about $1 million 770 thousand, debt equity ratio less than 200% are examples of such requirements. Each transfer limit of $3000, an annual limit of $20 thousand.
The bank said, according to the revised bill, the company is approved as “small remittance business”, and it is ready to expand the small remittance market.