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Home / Bitcoin Usage / Huge Conglomerate Dongbu Plans To Open Remittance Service in Korea

Huge Conglomerate Dongbu Plans To Open Remittance Service in Korea

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Bitcoin remittance’s are one of the biggest industries currently operating using the cryptocoin. Even bigger than fintech, the globalization of bitcoin has become optimal especially considering fees are minimal and remittances can be fulfilled within a matter of days. Recently it was announced that Dongbu Group of South Korea are planning to launch a remittance service using the cryptocoin. Aiming to serve the majority of south East Asia including countries such as China and even Vietnam, the remittance project is set to be backed by the technology provided by the Sentbe group.

Amid recent legislation passed in July, cryptocoin remittances in general were made legal under the Foreign Exchange Transactions Act. There were also legal guidelines such as Forex providers being required to register with the Financial Supervisory Service for regulation. Furthermore the Debt to Equity ratio cant exceed 200% under these guidelines to ensure operations under the chaebol’s operations remain sustainable. The Dongbu conglomerate, one of the largest in South Korea, encompassing various chemical, finance and insurance companies, will be launching the remittance service in connection with the Dongbu Savings bank.

Remittance in korea

We have been working on this business alliance to prepare for the fourth industrial revolution era under the traditional savings bank business.

To conclude, the project will provide remittance services utilizing the power of cryptocoin technology. Boasting extremely low fees, the company also claims the service will be around 95% cheaper than traditional remittance avenue’s such as banks. Compared to banks, remittance via cryptocoins will also take a fraction of the time allowing your loved ones to receive money within a matter of hours.
the project comes after the successful NairaEX in Africa. It remains one of the market leaders for bitcoin remittance in Nigeria also offering extremely competitive rates.

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