We are pleased to announce today that Global Money Express Co. Ltd (GME Remittance), one of the largest non-bank remittance service providers in South Korea, has joined RippleNet. Via RippleNet, Ripple’s global financial network, GME Remittance has connected to Siam Commercial Bank (SCB), Thailand’s largest bank in terms of market capital.
This partnership, formed through SBI Ripple Asia – a joint venture between SBI Holdings and Ripple – will accelerate and scale payments from South Korea to Thailand. With 184,000 Thai nationals in South Korea, the Thai population is the third largest in the country – after Chinese and Vietnamese nationals.
GME Remittance joins an existing list of Korean financial institutions and money transfer companies already on RippleNet – including CROSS ENF and Sentbe – currently serving the remittance corridor between South Korea and Thailand. The number of transactions sent via RippleNet for this corridor has doubled compared to the previous year.
Through this partnership, GME Remittance aims to connect with existing RippleNet customers in order to expand into additional remittance corridors across the region and worldwide, including Europe and the USA.
“We chose Ripple as our partner because with RippleNet we can start with new partners in new countries within 1-2 weeks. This has dramatically reduced time to market and gives us an edge over our competitors, ”said Subash Chandra Poudel, Director and COO at Global Money Express Co. Ltd. (GME Remittance).
“Since the start of our partnership, our team has benefited from the robustness of RippleNet, where transactions are tracked at every step of the process, making it easy to send money quickly and transparently across borders,” he added.
“The remittance corridors that require high-performance payments into this region are growing exponentially – people need to send money around the clock, even on holidays or weekends,” said Emi Yoshikawa, vice president of corporate strategy and operations at Ripple.
“We are excited to partner with a leading payment service provider like GME Remittance to deliver a superior customer experience while accelerating their expansion into new markets by connecting with our existing network of established partners on RippleNet,” she added.
This new connection on RippleNet between GME Remittance and SCB is based on strong customer dynamics for Ripple in the Asia-Pacific region. The region is one of the fastest growing regions for Ripple, with transactions growing 130% year over year, driven by existing RippleNet customers and new connections.
RippleNet leverages blockchain technology to help partners in a global network accelerate their business performance and scale. It offers a superior end customer experience, simplified network partnerships, liquidity management solutions, credit lines and a state-of-the-art infrastructure to enable real-time payments.
If you’re a financial institution looking to accelerate and scale a high performing payments business, contact us today.