Dongbu Group, a large South Korean conglomerate, producing industry, chemical, shipping, insurance and financial products, has announced a partnership with Bitcoin remittance service provider Sentbe in order to enter the Bitcoin remittance market. The move follows the legalization of “micro” Bitcoin remittances by the Korean government.
Image Credit: news.bitcoin.com
As reported, Dongbu Group is collaborating with Sentbe through its savings bank subsidiary, the Dongbu Savings Bank. On top of that, according to an official of the savings bank, a Memorandum of Understanding (MOU) was already signed by the partners to prepare for the fourth industrial revolution era.
We have been working on this business alliance to prepare for the fourth industrial revolution era under the traditional savings bank business.
An official from the Dongbu Savings Bank
“This MOU is aimed at securing joint business opportunities by exploring new business models based on new technology and expertise of the WSBI overseas affiliate network,” the announcement details.
Thus, the new law legalizes Bitcoin foreign exchange transfers for small sums.
Sentbe is in the process of being approved as a “micro-foreign remittance business,” the bank reveals, adding that it is preparing to expand the market of micro-foreign remittances.