Ripple’s expansion in the Asia-Pacific region continues through its partnership 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 money transfer company Global Money Express[GME]. GME is S.Korea’s largest non-bank remittance service provider. The partnership will enable GME to make money transfers from South Korea to Thailand faster, cheaper, and much safer and more sustainable.
To this end, GME has already been connected to Siam Commercial Bank, the most financially strong in Thailand, via Ripple’s global payments ecosystem, RippleNet, and GME is benefiting from it. As Director and Chief Operating Officer at GME, Subash Chandra Poudel said that since partnering with Ripple, GME has benefited from its robustness as transactions are now tracked at every step, making payments across borders easy, quick and transparent.
He explained that they chose Ripple as their partner because they could start up with new partners in new countries within a few weeks via their global payment network RippleNet. He said it would also dramatically reduce time to market and give them an edge over their competitors.
Waves in asia
South Korea is home to 180,000 Thai nationals, most of them from other countries besides China and Vietnam, who are sending millions of dollars back home. Ripple’s VP of Corporate Strategy and Operations, Emi Yoshikawa stated:
“We are excited to partner with a leading payment service provider like GME Remittance to deliver a great customer experience while accelerating their expansion into new markets by connecting with our existing network of established partners on RippleNet.”
The announcement also indicated that the Asia Pacific market is one of the growing Ripple markets as RippleNet transactions in the region grew 130% year over year.