RippleNet, Ripple’s global financial network, announced on Wednesday (Aug. 11) a third addition to its list of financial institutions (FIs) and money transfer companies in South Korea — Global Money Express (GME Remittance) — after partnerships with CROSS ENF and Sentbe.
The partnership with RippleNet connects GME Remittance, one of the largest non-bank remittance service providers in South Korea, to Siam Commercial Bank (SCB), one of Thailand’s largest lenders by assets, and is welcome news for the 180,000-plus Thai nationals living in South Korea.
In the announcement, Emi Yoshikawa, vice president of corporate strategy and operations at Ripple, said that “the remittance corridors requiring high-performance payments to this region are growing exponentially — with people needing to send money round the clock, even on holidays or weekends.”
With the number of transactions sent via RippleNet doubling in the last 12 months, the move to partner with GME Remittance gives RippleNet an edge in the South Korea-Thailand remittance corridor.
Related news: Ripple Teams With SBI Remit For On-demand Liquidity In Japan
GME Remittance is also looking to expand, and this partnership offers the company a key opportunity to tap into existing RippleNet customers both globally and across the region. Director and COO of GME Remittance Subash Chandra Poudel said the partnership “has drastically reduced the time to market and provides us with an edge compared to our competitors.”
Read more: Ripple To Buy 40 Pct Of Tranglo, Ramp Up Cross-Border Payments In Asia
Silicon Valley-headquartered Ripple is growing rapidly in the Asia region, one of its fastest-growing markets in terms of transactions, with year-over-year growth of 130 percent. In July, the company announced a three-way collaboration with remittance company SBI Remit and Coins.ph that will introduce an on-demand liquidity (ODL) service in Japan.
Prior to that in March, the firm completed the acquisition of a 40 percent stake in Singapore-based cross-border payment firm Tranglo to scale its cross-border operations in Asia.
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