One of South Korea’s largest remittance service firms has joined Ripple’s network of institutional payment providers in a bid to hasten payments between the country and Thailand.
Global Money Express Co. Ltd (GME Remittance) has linked with Thailand’s largest bank by market capital, Siam Commercial Bank, through the use of RippleNet, according to a blog post on Tuesday.
Ripple is focusing on Asia, which the company has said is its fastest growing region with transactions growing 130% year-over-year.
The partnership, a joint venture between SBI Holdings and Ripple, known as SBI Ripple Asia, seeks to “accelerate and scale” payments in a bid to facilitate the remittance needs of some 184,000 Thai nationals residing in South Korea.
GME Remittance is also seeking to hook up with existing RippleNet customers to expand into additional remittance corridors across Asia and globally, including Europe and the U.S., per the release.
Ripple argues the current global payments systems established by financial institutions and large banks are “outdated, irregular and fragmented.” Their network, they say, attempts to fix this by offering turn-key solutions built around blockchain technology.
“We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks,” said Subash Chandra Poudel, director at GME Remittance. “This has drastically reduced the time to market and provides us with an edge compared to our competitors.”
Source: Coindesk
