GME Remittance Joins RippleNet’s Growing Asian Remittance Corridor

GME Remittance or Global Money Express, one of the largest non-bank remittance providers in South Korea, is now a partner of Thailand’s largest bank, Siam Commercial Bank (SCB), through Ripple’s global financial network, RippleNet. 

RippleNet Expanding Remittance Corridor

The partnership was established through SBI Ripple Asia and is set to accelerate and scale payments from South Korea into Thailand. The Thai population in South Korea is the third-largest in the country, with 184,000 Thai nationals. The money sent back home to Thailand contributed to the rise of multiple Korean financial institutions and money transfer companies serving the remittance corridor between these two countries. RippleNet plays a significant role in facilitating this remittance corridor, with transactions growing 130% every year. In fact, both CROSS ENF and Sentbe are remittance-focused financial institutions in South Korea already on RippleNet.

Emi Yoshikawa, VP Corporate Strategy and Operations at Ripple, spoke on the matter, 

“The remittance corridors requiring high-performance payments to this region are growing exponentially. We’re pleased to partner with a leading payments service provider like GME Remittance to deliver a superior customer experience while accelerating their expansion into new markets as they connect with our existing network of established partners on RippleNet.” 

GME Eager To Join Ripple’s Network

RippleNet’s existing network of customers and connections in the remittance corridor will directly benefit GME Remittance, which will now be able to expand both regionally and globally, including Europe and the US. Thanks to the partnership, the marketing requirement has been eliminated. As a result, GME will be able to launch new initiatives in other countries and reach out to new partners quickly, giving the company an advantage over its competitors. 

Director and COO of GME, Subhash Chandra Poudel, spoke on the matter, saying, 

“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’s growing momentum in the Asia Pacific region is attracting several remittance-providing services. By using blockchain technology, RippleNet is giving its regional partners a global platform to scale up their business performances. Additionally, the network also brings superior customer experience, liquidity management solutions, simplified network partnering, lines of credit, and a state-of-the-art infrastructure to facilitate real-time payments. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.