OKLink to Subsidize $100m of Cross-Border Transfers for Remittance Partners

Hong Kong-based OKLink has announced that it will subsidize all fees on the first $100,000 of cross-border transfers of under $500 each for partners on its network, up to a total of $100 million. Coinsecure, Coins.ph, Rebit, MOIN.Inc, Coinone, Coinplug, Coincheck, Bitoex and BitPesa, are among the early companies to join the OKLink network and take advantage of this initiative.

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OKLink is a recent spinoff from the Beijing-headquartered Bitcoin exchange OKCoin. It developed a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term money transfer network that is growing rapidly, currently offering payouts in fifteen countries, and itplans to cover sixty countries by year end. OKLink raised $10 million in venture capital funds and is composed of a team of veterans from Alibaba, Tencent, Baidu, Visa, Yahoo, IBM, Barclays, cfX, Federal Reserve Bank, FDIC and PwC.

Jack C. Liu, Chief Strategy Officer at OKLink, said: “The world's financial transfers run on antiquated technology built nearly half a century ago. Slow, costly, and favoring large sized transactions, these qualities are in contrast to the emerging payment needs of today’s ever-connected global economy. OKLink believes in a future where small-value cross-border transfers will be as simple, fast, and cheap as a text message.

We are thrilled with the reception OKLink has received from industry leading companies and we hope to support their growth further with this incentive promotion.”

Partners approve

Mohit Kalra, CEO of Coinsecure in India, said: “India holds the largest share of remittances around the globe with over US$70 billion of inward remittance in 2015 at an average fee of 6%. What Coinsecure and OKLink plan to do - is going to be phenomenal.”

Ron Hose, CEO of Coins.ph in the Philippines, said: “We are very excited to allow our existing user base of over 500,000 customers in South East Asia to remit funds to Japan, China and South Korea using OKLink's platform, supporting our joint vision of providing cheapercross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and remittances across the region."

John Bailon, CEO of Rebit in the Philippines, said: “Rebit first pioneered using Bitcoin for remittances. We’re very excited to join the OKLink network, whose resources and influence will create a strong alliance of companies committed to making Blockchain remittances work for any customer, anywhere in the world.”

Ian Suh, CEO of MOIN.Inc in South Korea, said: "OKLink has developed a new and revolutionary way to solve problems in the traditional money transfer system. MOIN is very proud to be a partner of OKLink. The partnership will enable Korean people to send money abroad cheaper,faster, and more conveniently. OKLink is going to become the future of global remittance, connecting the world much closer."

Wonhee Shin, CTO at Coinone in South Korea, said: “This is a very meaningful milestone for blockchain technology, which is closely watched by regulators and practitioners from all over the world.Finally the technology has moved away from the concept phase and into the real usage phase.”

Joon Sun Uhr, CEO of Coinplug in South Korea, said: “Coinplug is very excited to work with OKLink in building the nextgeneration global settlement network. We expect the market to growsignificantly in micro-sized overseas remittances and we are preparing to be adominant early mover with this partnership with OKLink.”

Koichiro Wada, co-founder of Coincheck in Japan, said: “We are excited to partner with OKLink. We believeblockchain based remittance will have a huge impact on the financeindustry especially for people who do small transactions on a regularbasis.”

Titan Cheng, CEO of Bitoex in Taiwan, said: “OKLink is an important partner for money transfer companies in Asia. Bitoex has more than 5000 locations in Taiwan. Our partnership with OKLink will help us expand the scope of our global remittance offerings and bring an unparalleled customer experience for the 600,000 expatriates in Taiwan."