SBI and Korea Venture Company set up a chain of joint venture company

nnnIn the past, Coinplug announced that it has established a joint venture company, SBI Cosmoney, in cooperation with SBI FinTech Solutions Co., a subsidiary of Japan Investment Group SBI Financial Technology. Previously, SBI had participated in Coinplug’s $ 5 million financing round in October 2015. The new company will also be supported by SBI Remit, an independent remittance company that started operations in 2010.n
nnTranslation: Annie_Xun
nCoinplug announced today that it has jointly established a remittance joint venture with the Japanese investment group SBI Financial Technology Subsidiary.n
nCompany named SBI Cosmoney, will initiate remittance service this year. Coinplug, part of the SBI Business Group, has partnered with SBI FinTech Solutions Co. to invest in many chain-chain start-ups.n
nIt would not be surprising that the two companies would jointly launch a dedicated block chain project because SBI was involved in Coinplug’s $ 5 million financing round in October 2015.n
nCoinplug CEO Ryan Uhr said the purpose of cooperation is “to create overseas remittance services, so that South Korea and the global connection.” Coinplug, which was founded in 2013, provides Bitco currency transactions, electronic wallet, and online POS services for Korean users.n
nThe joint venture will receive SBI Remit support from independent remittance companies operating in 2010. SBI said the company’s experience will greatly contribute to the development of new companies.n
nCoinplug has also worked with other block chain remittance projects.n
nAt the end of 2015, CoinDesk reported that the start-up company worked with South Korea’s largest financial institution KB Koomkin to develop prototypes around international payments.n

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