South Korean mainstream bitcoin bank issued remittance service
One of the largest financial institutions in Korea Shinhan Bank (ShinhanBank) recently announced that they will begin from December with China and South Korea bitcoin cross-border remittance services. This also marks the first mainstream bank announced bitcoin value transfer system.
Located in the Seoul of Korea Shinhan bank has more than 8531 employees and 723 branches, with total assets of more than 285 trillion won, or $251 billion, 140 overseas network services in 19 countries around the world. The bank received a number of awards in the Asian banking industry, including last year’s best retail bank award.
This new remittance service is based on Streami, it is “blockchain remittance middle software and financial service providers.” Streami between the partners allowed to send bitcoins to realize transnational value transfer, save the time and cost of the user, because bitcoin can in a few minutes to complete the remittance, and the cost is lower than the existing number of remittance network.
Streami CEOJunhaengLee last year for South Korea cross-border remittance service and set up the company, a former McKinsey consultant who graduated from Harvard also said the company has with qualified partners in other international remittance services.
The start-up in 2015 early won by incubator training opportunities Shinhan bank future laboratory held, which also led to the bank through the direct purchase of shares to the start-up investment of about $437637. Lee and his team also received $2 million in financing in the seed round in December last year. Investors including Shinhan bank, Shinhan, ICB, BluepointPartners, data system and distributed digital currency capital group.
“The volume of business at present we only deal with Shinhan bank. We plan to expand to other domestic banks as soon as possible, but it will take time to complete the integration and compliance examination and approval system.”
– JunhaengLee, StreamiCEO
It is difficult to find than South Korea with easy access to the bitcoin country. Residents can buy bitcoin in several popular bitcoin exchange, there are more than 17000 ATM machines and 24000 convenience stores.
The South Korean government also noticed that all bitcoin related activities, recently announced that they will release the blockchain their digital currency in the next few years.
However, South Korea needs to obtain money supervision to digital currency can become a legitimate way of payment, and the Financial Services Commission also recently announced plans to build a digital currency system in 2017.
In the digital currency trading is legal before, Streami will be the transfer of funds to Hongkong bitcoin exchange, and then transferred to Chinese cooperation with bitcoin bitcoin exchange, and then converted to the local currency is sent to the recipient.
“We not only rely on the one or two exchanges. We use a lot of regulated exchanges.”
The way to buy bitcoins, Philippines workers can easily send their money to Philippines, South Korea has become an important hub for bitcoin remittance. Payphil, Hyphen and Coinplug are South Korea bitcoin remittance service providers, but also has a stable service in the money sent from Philippines to South korea. Several of these enterprises have their own national service, by December, all of them will be Shinhan bank remittance service competitors.
At the same time, BloomSolutions, Rebit, and Sentbe is a Philippines start-up, doing the same business terminal, sending and receiving funds from South korea. In September, the claim between South Korea and Philippines more than 20% of the remittance service using bitcoin remittance.