San Francisco-based blockchain company Ripple announced a partnership with Global Money Express Co. Ltd, or as popularly known as GME Remittance, established through SBI Ripple Asia. GME Remittance, which happens to be one of the largest non-bank remittance service providers in South Korea, has joined RippleNet, Ripple’s global financial network, to connect to Thailand’s Siam Commercial Bank SCB.
According to the official press release, the main aim behind the move is to ramp up and accelerate payments from South Korea into Thailand. If the stats are to be taken into account, 184,000 Thai nationals currently reside in South Korea, which makes the Thai population third-largest in the country, right after Chinese and Vietnamese nationals. Ripple plans to tap this potential.
GME Remittance is also working towards engaging with existing customers of the blockchain firm’s financial network in the near future to amplify its presence into additional remittance corridors across Asia and globally, including Europe and the United States.
Subash Chandra Poudel, Director and COO of South Korea’s largest remittance service firm, revealed that the reason behind choosing the blockchain company as a partner is because RippleNet enables its rollout into new territories with new partners within a matter of just one to two weeks. Poudel also went on to add,
“This has drastically reduced the time to market and provides us with an edge compared to our competitors. Since launching 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 across borders with speed and transparency.”
Ripple Scores after MoneyGram’s Departure
The SEC saga is yet to get over. But several companies have announced plans to part ways with the distributed ledger company. MoneyGram and Ripple’s partnership dates back to June 2019 and the termination of the partnership agreement has been damaging for the latter. However, since then, the blockchain firm was working towards strengthening its foothold in the strategic Asia Pacific [APAC] region.
In fact, CEO Brad Garlinghouse had earlier revealed that the blockchain payments firm has not suffered any fallout in its Asia Pacific business after being sued by the SEC despite experiencing hindrance in terms of activity in the United States. According to reports, the firm has signed more than 15 new contracts with banks across the world since the regulatory watchdog brought the lawsuit.