The large community of Thai citizens in South Korea can now remit funds through the platform provided by GME and RippleNet.
Global Money Express Co. Ltd (GME), a South Korean remittance company, joins RippleNet to facilitate payments to Thailand.
Through this initiative, the leading remittance company will also link to Siam Commercial Bank, Thailand’s largest bank by market capitalization. GME Remittance believes the RippleNet platform allows it to connect to the existing pool of clients on the network. The money transfer company says this will also help in the expansion to “additional shipping aisles” across Asia. In addition, it also seeks to scale remittances on a global scale, especially in the United States and Europe.
Speaking about development, Subash Chandra Poudel, Director and COO of GME Remittance,
“We chose Ripple as our partner because with RippleNet we can launch in new countries with new partners within 1-2 weeks.”
The director also stated that,
“This dramatically reduced time to market and gives us an advantage over our competitors.”
He concluded by highlighting how secure and transparent the platform was, saying that all transactions were tracked every step of the way.
- South Korea remittance company joins RippleNet to facilitate payments to Thailand.
The partnership is established by SBI Ripple Asia, a joint venture between SBI Holdings and ripple. It aims to facilitate payments for about 184,000 Thais living in South Korea. The Thai population in the southern half of the Korean Peninsula is the third largest, after Chinese and Vietnamese nationals.
The agreement with RippleNet allows GME Remittance to join an existing list of Korean money transfer companies and financial institutions that use the network. They include Sentbe, CROSS ENF, WireBarley and Hanpass. Some of these companies already service the remittance corridor between South Korea and Thailand.
RippleNet will help South Korea and Thailand corridor
Ripple says it is focusing on Asia Pacific, its fastest growing region in transactions due to strong consumer momentum. According to the company, there is a 130% A/A growth in registered transactions, mainly from existing RippleNet customers. The company’s expectation is that this growth will continue as the region presents more business opportunities.
According to Emi Yoshikawa, Ripple’s vice president of corporate strategy and operations:
“Remittance corridors that require high-performance payments for this region are growing exponentially – with people needing to send money 24 hours a day, even on holidays or weekends.”
She also commented on the mutually beneficial partnership with GME Remittance. Yoshikawa said Ripple is excited to partner with a major payment service provider like GME Remittance. She believes the partnership will deliver a great customer experience and help companies expand into new markets.
In addition, the exchange and remittance platform believes that the current global payment systems used by traditional financial companies are obsolete and error-prone. Ripple also claims that blockchain technology around its own network offers out-of-the-box solutions and is more effective.
RippleNet is a solution using blockchain technology for banks and finance-oriented companies. Its network seeks to help partners and users around the world accelerate and expand their business.