One of the largest non-bank money-transfer providers in South Korea, Global Money Express Co. Ltd (GME Remittance), has joined RippleNet.
According to a statement, via Ripple’s network the Korean company connected to Siam Commercial Bank, Thailand’s leading bank.
The partnership established through SBI Ripple Asia, a joint venture of Ripple and SBI Holdings, is designed to accelerate and scale cross-border payments.
There are 184,000 Thai citizens living in South Korea, a figure surpassed only by China and Vietnam.
Ripple noted that GME Remittance is not the first Korean company to join its network. CROSS ENF and Sentbe already facilitate RippleNet money transfers between South Korea and Thailand.
Through the partnership, GME Remittance expects to connect with Siam Commercial Bank’s existing clients to reach additional remittance corridors in the region and globally, including Europe and the United States.
We began collaborating with Ripple because with RippleNet we can enter new countries with new partners within 1-2 weeks. This has significantly shortened time to market and given us a competitive edge,” said Subash Chandra Pudel, Chief Operating Officer of GME Remittance.
Against the backdrop of the partnership news, Ripple’s XRP token rose by more than 25%. From around $0.85, the asset briefly traded at $1.08 (Bitfinex).
Earlier in July, XRP rose by 14% after Ripple announced the launch of a Japan–Philippines payment corridor based on On-Demand Liquidity (ODL) in partnership with SBI Remit, SBI VC Trade, and the Philippine service Coins.ph.
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