Asian workers in South Korea can remit funds to their families through blockchain. Thus they could bypass the costly banks for transferring money to their families at home.
Coinone, the operator of the blockchain-based cash transfer services, announced Wednesday that it provides money transfer services for the five Asian countries—Thailand, the Philippines, Vietnam, India, and Malaysia.
It will expand the service to China, Nepal, Indonesia, and Sri Lanka soon.
The blockchain-based cash transfer service is quite popular among Asian workers in South Korea.
It is cheaper than banks in transfer fees and quicker than banks in transfer time.
It just takes five-60 minutes in transferring money to India and less than 24 hours to Malaysia.
The money transfer time was shortened to five minutes for the Philippines. It takes less than five minutes in remitting funds to Thailand.
Last year, 86 percent of foreign workers in South Korea are Asians, according to an official of Coinone Transfer, the money remittance-providing subsidiary of the Coinone.
Coinone uses Ripple’s xCurrent worldwide network for money transfer service. About 120 financial companies worldwide are using xCurrent for money transfer, stopping their reliance on the SWIFT money transfer network.