{"id":196606,"date":"2021-08-12T02:00:56","date_gmt":"2021-08-12T01:00:56","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=196606"},"modified":"2021-08-12T12:41:37","modified_gmt":"2021-08-12T11:41:37","slug":"ripple-xrp-will-now-scale-remittances-between-korea-and-thailand","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ripple-xrp-will-now-scale-remittances-between-korea-and-thailand\/","title":{"rendered":"Ripple (XRP) will now scale remittances between Korea and Thailand"},"content":{"rendered":"

A major South Korean remittance service provider partnered up with <\/span>Ripple<\/span><\/a> in a bid to power up payments between the country and Thailand.<\/span><\/p>\n

Set to expand into additional remittance corridors, GME Remittance joined a flock of Korean financial institutions and money transfer companies already on RippleNet, as the blockchain-based payments company continues bolstering its presence in the Asia Pacific.<\/span><\/p>\n

New Ripple remittance corridors<\/strong><\/h2>\n

The South Korean remittance service provider has linked with Thailand\u2019s leading bank by market cap, <\/span>Siam Commercial Bank<\/span><\/a> (SCB), through the use of RippleNet, according to Ripple\u2019s blog <\/span>post<\/span><\/a> on Tuesday.<\/span><\/p>\n

Ripple already has a strong presence in South Korea, established through partnerships with several financial institutions and money transfer companies in the country, including CROSS ENF, Sentbe and Hanpass.<\/span><\/p>\n

\u201cWe chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks,\u201d said Subash Chandra Poudel, Director and COO at GME Remittance, adding that the new partnership provides the South Korean remittance service provider with an edge over the competition.<\/span><\/p>\n

Customer momentum in Asia Pacific<\/strong><\/h2>\n

\u201cThis new connection on RippleNet between GME Remittance and SCB comes off the back of strong customer momentum for Ripple in Asia Pacific,\u201d said Ripple in the announcement.\u00a0<\/span><\/p>\n

According to Ripple, the region is one of the fastest-growing for the company, with transactions scaling 130% year-over-year, driven by both existing partnerships and new connections.\u00a0<\/span><\/p>\n

\n

We're excited to partner with GME Remittance to accelerate and scale payments from South Korea into Thailand, building on the RippleNet momentum in APAC where transactions are growing 130% year-over-year. https:\/\/t.co\/aDeceLNIZY<\/a><\/p>\n

— Ripple (@Ripple) August 11, 2021<\/a><\/p><\/blockquote>\n