Ripple’s expansion in the Asian-Pacific continues as it partners with one of South Korea’s largest remittance service providers.
In a recent announcement on Aug 10, Ripple announced its partnership with South Korea-based remittance service provider, Global Money Express[GME]. GME is S.Koreas’s largest non-banking remittance service provider. The partnership will enable GME to make remittances from S.Korea to Thailand faster, cheaper, much secure sustainable.
For this purpose, through Ripple’s global payment ecosystem, RippleNet, GME has already been connected to Siam Commercial Bank, Thailand’s largest by capital, and GME is benefiting from it. As Director and Chief Operating Officer at GME, Subash Chandra Poudel, said that since GME has partnered with Ripple, it has benefited from its robustness as transactions are now tracked at each step which makes the payments across the borders easy, speedy, and transparent.
He stated that they have chosen Ripple as their partner because through its global payment network, RippleNet, within a couple of weeks, they could launch into new countries, with new partners. He said it would also drastically reduce the time to market, giving them the edge over their competitors.
Ripple in Asia
S.Korea hosts 180,000 Thailand nationals, most from any other nation except China and Vietnam, which sends millions of dollars back to their home. The VP of Corporate Strategy and operations at Ripple, Emi Yoshikawa, stated:
“We’re pleased to partner with a leading payments service provider like GME Remittance to deliver a superior customer experience while accelerating their expansion into new markets as they connect with our existing network of established partners on RippleNet,”
The announcement also noted that the Asian-Pacific market is one of Ripple growing ones as RippleNet transactions in the region have grown by 130% Year-Over-Year.