• A leading South Korean money transfer company has joined RippleNet to increase remittances to Thailand

  • In an effort to speed up payments between South Korea and Thailand, one of the country’s largest remittance service providers has joined Ripple’s network of institutional payment providers.

    According to a blog post published on Tuesday, Global Money Express Co. Ltd (GME Remittance) has linked with Thailand’s largest bank by market capitalization, Siam Commercial Bank, via RippleNet.

    Ripple is concentrating its efforts in Asia, which the company claims is its fastest-growing region, with transactions increasing by 130 percent year on year.

    The partnership, known as SBI Ripple Asia, is a joint venture between SBI Holdings and Ripple that aims to “accelerate and scale” payments in order to meet the remittance needs of approximately 184,000 Thai nationals living in South Korea.

    According to the release, GME Remittance is also looking to connect with existing RippleNet customers in order to expand into additional remittance corridors across Asia and globally, including Europe and the United States.

    The current global payment systems established by financial institutions and large banks, according to Ripple, are “outdated, irregular, and fragmented.” Their network, they claim, attempts to address this by providing turn-key solutions based on blockchain technology.

    “We chose Ripple as our partner because we can launch into new countries with new partners in 1-2 weeks with RippleNet,” said Subash Chandra Poudel, director at GME Remittance. “This has drastically reduced our time to market and gives us an advantage over our competitors.”

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