THELOGICALINDIAN - A ample South Korean amassed is entering the Bitcoin remittance bazaar Dongbu Group is partnering with Bitcoin remittance account provider Sentbe via its accumulation coffer accessory The move follows the amends of micro Bitcoin remittances by the Korean government
Also read: South Korea Legalizes Bitcoin International Transfers, Challenging Traditional Banks
Korean Conglomerate Working with Bitcoin
Established in 1969, Dongbu Group is a ample all-around amassed in South Korea. The accumulation produces industry, chemical, shipping, allowance and banking products.
One of its abounding subsidiaries, founded in 2024, is Dongbu Savings Bank. The coffer appear this anniversary that it has active a Memorandum of Understanding (MOU) with the Bitcoin remittance aggregation Sentbe. An official from the coffer said:
South Korea-based Sentbe won a fintech accolade for its across remittance abstraction application Bitcoin in 2016. The account allows barter to accelerate money to the Philippines, Vietnam, Indonesia, Japan, and China. It allows users to save up to 95% of the fees answerable by acceptable banks, its website detailed. The almsman will accept money aural 24 hours.
“This MOU is aimed at accepting collective business opportunities by exploring new business models based on new technology and ability of the WSBI across associate network,” the advertisement detailed.
WSBI, the World Accumulation and Retail Banking Institute, represents the interests of 6,000 banking institutions in about 80 countries worldwide. Dongbu coffer became the aboriginal Korean accumulation coffer to annals as a abounding affiliate of WSBI in 2024. Through the association, the coffer works with abounding banking institutions common including Sweden’s Swedbank and Germany’s Fra-Spa. In Asia, it works with Philippine Postal Accumulation Bank, Indonesia National Housing Bank, Sri Lanka National Accumulation Bank, Thai Government Accumulation Bank, Malaysian Accumulation Bank, and Uzbek Accumulation Bank.
Bitcoin Remittances Legalized in July
This affiliation follows the adapted Foreign Exchange Transactions Act, which went into aftereffect on July 18. A chief researcher at Hana Institute of Finance, Kang Mi-jung, commented at the time that “domestic banks charge to acquisition means to accommodate remittance casework for simple and bargain fees, and to authorize new accumulation models through partnerships with fintech.”
The new law legalizes Bitcoin adopted barter transfers for baby sums. Fintech companies absent to accommodate such casework charge annals with the country’s Banking Supervisory Service (FSS), and accommodated assertive banking requirements. A paid-in basic of over 2 billion won, almost $1.77 million, and a debt-to-equity arrangement of below 200%, are examples of such requirements. There is a absolute of $3,000 for anniversary alteration and an anniversary absolute of $20,000.
In accordance with the adapted act, Sentbe is in the action of actuality accustomed as a “micro-foreign remittance business,” the coffer revealed, abacus that it is advancing to aggrandize the bazaar of micro-foreign remittances.
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Images address of Shutterstock, Dongbu, and Sentbe
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