Hong Kong-based blockchain settlements platform OKLink is now available in Vietnam, enabling international remittances with near-instant settlements over both local fiat currency and bitcoin.
With 6.8% of its total GDP in inward remittance, Vietnam is a market ripe for disruption in the space, with emerging FinTech innovations offering the potential for near-instant, low-cost settlements. OKLink, a sister company of major digital currency exchange OKCoin, will now enable senders to transfer up to $10,000 to Vietnam at a relatively modest delivery fee of 0.5%, calculated at a mid-market exchange rate.
Receivers can cash-out via a bank account, cash pick or a mobile wallet, each with its own timelines for settlements, according to a company blog. OKLInk claims to enable worldwide transfers to any Vietnamese account among 27 banks within 30 minutes. Further, ATM cards with 22 banks and regional mobile wallet Vimo will see near real-time transfers with settlements within ten minutes, according to the Fintech firm.
Join CCN for $9.99 per month and get an ad-free version of CCN including discounts for future events and services. Support our journalists today. Click here to sign up.
In a statement, Jack C. Liu, strategy chief at OKLink said:
To be able to offer such quick and cheap money transfers to Vietnam is really significant to OkLink’s partners and to Vietnam’s economic development.
OKLink’s remittance platform works with its digital token OK Dollar (OKD), a unit of which is equivalent and is backed by a US dollar. Notably, unlike other disruptive remittance providers like Transferwise, OKLink also allows transactions to be settled using bitcoin.
Vietnam joins a growing list of Asian countries enabled with inward remittance via OkLink. Outside Asia, Brazil, Canada and the European Union also count among payment destinations.
Recently, the FinTech firm’s expansion effort in the world’s largest inward remittance market, India, was established via a partnership with Indian bitcoin exchange Coinsecure. Launched in August 2016, OKLink has raised over $10 million in funding so far and offers payouts to 40 countries spread across Asia, Europe and The Americas.
Featured image from Shutterstock.