Sending Money Home: New Partnership between ORCA Alliance and Sentbe
ORCA Alliance is proud to unveil a new partnership with Sentbe, an online remittance company that is one of the fastest growing providers of the service in South Korea. This FinTech (Financial Technology) company is the leader in providing cheap and reliable financial services to the people in need and we are more than happy to announce that we will be integrating this solution-provider into our platform.
The idea behind Sentbe is worth hearing. Remittances, the money sent home by people who work in a foreign country, is a market worth millions of dollars in South Korea (see graph below). Naturally, institutional banks still account for a major share of payment services.
Although, their offered services are still a better option that stuffing a letter full of cash and hoping it crosses the border without catching an eye of an unscrupulous official, banks have a tendency to charge high fees from diligent workers and take days to pass the money through.
Blockchain steps in to offer great potential for improving payment systems and allowing Sentbe to provide a better option for foreign workers to send money back home.
Sentbe is superior because it does not make any deductions. Its remittance service is thus up to 20 times cheaper than traditional payments via bank transfer (see diagram below).
Moreover, it can be trusted because it is certified and licensed by the Government of South Korea. In addition, they support diverse models of fund receipt. Users can choose between bank deposits, pick-up centers and other means of collecting the remittances.
It has Won the Minister’s Award at the 2016 1st MK Fintech Award sponsored by the Ministry of Science, ICT and Future Planning and has been selected as a pilot service for small mobile foreign currency transfer businesses in Seoul city.
Its remittance service is up to 20 times cheaper than traditional payments via bank transfer
Sentbe is currently satisfying the needs of Southeast Asian countries, but its team has big plans to go global and is preoccupied with integrating Australia and the U.S. next.
Here at ORCA alliance we are beyond excited. Not only will this relationship going to benefit the fans of ORCA, it will also mark a significant step for the platform as it strides into the Asia’s market.
In other words, this partnership is no small feat.
Early round is officially closed, we successfully reached the cap of the early round and now getting ready for round II. Register for second round at www.orcaalliance.eu and secure your 10% bonus!