OKLink launches blockchain remittance network in Korea

FinTech | November 15, 2016 By:

OKLink has joined forces with Korean fintech firms — including Coinplug, Coinone, Bluepan, MOIN, Sentbe, Finshot, Streami, Wisending and Bithere — to offer blockchain-based remittance services in the country.

OKLink, which is a subsidiary company of Bitcoin exchange OKCoin, was designed to allow national and digital currencies to be transferred across borders easily. The new Korean service will offer “low cost” transfers to more than 20 countries already on the OKLink network, including Japan, India, Indonesia and the Philippines.

“As OKLink launches a fast, cheap and transparent blockchain transfer system, we are excited to work with Korea’s innovative fintech sector that is poised to advance bitcoin and blockchain technology for the betterment of society and consumers,” said Tim Byun, OKLink Chief Risk Officer and Head of Government Relations.

The company’s ambition is fueled by the Korean government’s decision to institutionalize digital currencies and ramp up fintech development. In fact, in October Korea’s Financial Services Commission (FSC) said they will institutionalize digital currencies such as bitcoin and ramp up the size of average annual policy finance from 500 billion won ($437 million) to one trillion won ($873 million) for the development of fintech.