GME Remittance Joins RippleNet for Payments Push From South Korea to Thailandby Fintech News Singapore August 11, 2021
Global Money Express (GME Remittance), a non-bank remittance service provider in South Korea, has joined Ripple‘s blockchain-based payments network, RippleNet to accelerate and scale payments from South Korea to Thailand.
This partnership was established through SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, to connect GME Remittance to Siam Commercial Bank (SCB).
With 184,000 Thai nationals residing in South Korea, the Thai population is the third largest in the country after Chinese and Vietnamese nationals.
GME Remittance joins an existing roster of Korean financial institutions and money transfer companies already on RippleNet including CROSS ENF and Sentbe that currently serve the remittance corridor between South Korea and Thailand.
The number of transactions sent via RippleNet for this corridor has reportedly doubled year-over-year.
Through this partnership, GME Remittance is looking to connect with existing RippleNet customers to expand into additional remittance corridors across the region and globally, including Europe and the US.
“We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors,”
said Subash Chandra Poudel, Director and COO at GME Remittance.
“The remittance corridors requiring high-performance payments to this region are growing exponentially — with people needing to send money round the clock, even on holidays or weekends,”
said Emi Yoshikawa, Vice President of Corporate Strategy and Operations at Ripple.