SBI, Coinplug join forces to roll out remittance service in Asia

The goal of the partnership is to build an overseas remittance service that connects Korea to the world, according to the exchange representatives. Named SBI Cosmoney, the joint venture is expected to launch its remittance service at the end of 2017. Furthermore, the new venture will be supported in part by a separate remittance venture, SBI Remit, which has been in operation since 2010.

Founded in 2013, Coinplug offers a Bitcoin exchange, electronic wallet, and online point-of-sales service for Korean users. SBI participated in Coinplugs USD 5 million funding round in October 2015. In addition, in late 2015, CoinDesk reported that the startup was developing a prototype focused on international payments with KB Koomkin, one of the countrys largest financial institutions.