A large South Korean remittance service provider has teamed up with Ripple to promote payments between the domestic market and Thailand.
GME Remittance will expand into more remittance corridors, joining a group of Korean financial institutions and money transfer companies that are already participating in RippleNet. The blockchain-based payment company Ripple is thus further expanding its presence in the Asia-Pacific region.
New Ripple remittance corridors
The South Korean remittance service provider has connected with Siam Commercial Bank (SCB), the leading Thai bank by market capitalization, through the use of RippleNet, Ripple announced in a blog post on Tuesday.
Ripple already has a strong presence in South Korea, built through partnerships with several financial institutions and money transfer companies in the country, including CROSS ENF, Sentbe and Hanpass.
“We chose Ripple as a partner because with RippleNet we can enter new countries with new partners within one to two weeks,” said Subash Chandra Poudel, Director and COO at GME Remittance, adding that the new partnership gave the South Korean money transfer service provider an edge over the competition.
Customer dynamics in the Asia-Pacific region
“The new RippleNet connection between GME Remittance and SCB is the result of strong customer dynamics for Ripple in the Asia-Pacific region,” said Ripple in the announcement.
According to Ripple, the region is one of the fastest growing regions for the company, with transactions up 130% year over year, through both existing partnerships and new connections.
“The remittance corridors that require high-performance payments into this region are growing exponentially, with people sending money around the clock, even on holidays or weekends,” said Emi Yoshikawa, vice president of corporate strategy and operations at Ripple.
According to the company’s latest market report, Ripple’s (XRP) Average Daily Trading Volume (ADV) has skyrocketed, almost doubling to $ 4.49 billion in the second quarter of 2021.
Ripple’s ongoing legal battle with the US Securities and Exchange Commission is not stopping the company from expanding its business overseas and focusing on regions with clear regulatory requirements.
XRP is currently trading at $ 0.98 after seeing a sharp rise of over 30% in the past 7 days [In XRP investieren? Zur Ripple mit PayPal kaufen Anleitung].
Proof of text: cryptoslate