JAKARTA – South Korean money transfer service provider Global Money Express Co. Ltd (GME Remittance) has used the Ripple network to speed up the process of sending money between countries. The South Korean company has also been connected to a large Thai bank, Siam Commercial Bank in using RippleNet.
Reporting from CoinDesk, Ripple focuses on the Asian region which is the region that has the fastest transaction growth with a growth of 130 percent year-on-year.
The cooperation with the largest remittance company from South Korea is part of a partnership initiated by SBI Holdings with Ripple or commonly known as SBI Ripple Asia which seeks to facilitate the process of sending money from Thai citizens residing in South Korea. Until now, there are 184,000 Thai citizens living in the Ginseng Country.
The company also strives to continue to connect with RippleNet customers who have previously joined the network in order to expand the scope of money transfers, both throughout Asia and globally including the US and Europe.
Ripple itself argues that the payment systems set up by major financial institutions and banks are "outdated, disorganized and fragmented." The Ripple Network is here to fix these problems by offering new solutions based on blockchain technology.
GME Remittance itself revealed that the collaboration with RippleNet provides benefits for the company because it is able to shorten delivery times efficiently.
“We chose Ripple as our partner because with RippleNet we can launch to new countries with new partners within 1-2 weeks,” said Subash Chandra Poudel, director at GME Remittance.
“This drastically reduces time to market and gives us an edge over our competitors,” added Subash as quoted from CoinDesk.
As of this writing, the price of the Ripple XRP coin is trading at IDR 12,832. XRP is the sixth largest cryptocurrency by market capitalization behind Cardano, according to data from CoinMarketCap.
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