South Korea’s Dongbu group and bitcoin remittance provider cooperation into the bitcoin remittance market
South Korea’s Dongbu group announced bitcoin remittance service providers Sentbe cooperation, to enter the bitcoin remittance market.
The group is reached by the savings bank subsidiary, Dongbu bank and senta.
According to an official of the savings bank that partners have signed a memorandum of understanding (MOU), to prepare for the fourth industrial revolution. “We have been in this business alliance, to prepare for the fourth industrial revolution for the traditional savings bank.”
The background of Sentbe
Korea Companies Sentbe due to the use of bitcoin overseas remittance service won the 2016 annual financial technology awards (fintech).
Customers through bitcoin remittance service can pay 95% less than traditional banks, can be achieved to Chinese, Vietnam, Japan, Indonesia and Philippines and other countries of the remittance.
At the same time, Dongbu group is a large enterprise group in South korea. Industrial production, chemical industry, shipping, insurance and financial products, its subsidiary Dongbu savings bank is one of the world’s savings and retail banking association (WSBI) members.
By WSBI, the world bank and the cooperation of many financial institutions around the world, including the Bank of Sweden, Germany’s fra-spa bank, Philippines Postal Savings Bank of Indonesia, the National Housing Bank, National Savings Bank of Sri Lanka and the government of Thailand savings bank.
South Korea will legalize bitcoin remittance
In order to make bitcoin remittance legalization, the South Korean government amended the foreign exchange act, after the amendment of the Act came into force in July 18, 2017.
According to the law, plans to provide bitcoin transfers the fintech company to the financial supervision service (FSS) registration. They should also comply with certain financial requirements, such as more than 200 million won ($177 million) paid in capital, and less than 200% of the debt equity ratio.