Ripple Labs Inc has announced a partnership with GME Remittance, one of the leading companies in South Korea.
GME Remittance Joins RippleNet
The partnership would enable GME Remittance to use Ripple’s global financial network, RippleNet, to enable faster remittance payments to Thailand.
GME Remittance aims to connect with RippleNet customers to expand into additional remittance corridors across the region and globally.The collaboration was established through SBI Ripple Asia, a joint venture between SBI Holdings and Ripple.
By joining RippleNet, GME Remittance is now connected to Siam Commercial Bank (SCB), Thailand’s oldest bank and Ripple’s long-time partner.
According to the COO of GME Remittance, Subash Chandra Poudel, Ripple was chosen as a partner because of the benefits RippleNet offers.
Poudel said the team is already benefiting from RippleNet’s privileges. For instance, RippleNet tracks transactions at every step of the process, and this he said makes it easy to send money across borders with speed and transparency.
Emi Yoshikawa, Vice President of Corporate Strategy and Operations at Ripple, believes that partnerships with providers like GME Remittance would help deliver good customer experiences while accelerating their expansion into new markets.
With this move, GME Remittance joins an existing list of Korean financial institutions and money transfer companies who have pitched their tent with Ripple.
Ripple Increasing Adoption Of Services In Asian Region
Ripple has been particular about expanding and increasing the adoption of its services this year. To this end, the San Francisco-based firm has formed several partnerships, especially in the Asia Pacific region.
According to Ripple, the region is one of its fastest-growing areas, with transactions growing 130% year-over-year.
Last month, Ripple announced a collaboration with Japan’s SBI Remit and Philippines-based firm Coins.ph. The partnership was formed to launch RippleNet’s first live On-Demand Liquidity (ODL) service implementation in Japan.
Ripple has also made other moves to expand its ODL service in the Asian region, like acquiring a 40% stake in cross-border payments firm Tranglo.
Since this partnership with Ripple, Tranglo has continued to expand its services significantly. The company recently received approval from the Monetary Authority of Singapore (MAS) to provide account issuance, domestic money transfer, and e-money issuance services.
Through the latest approvals, Tranglo will be able to enhance its payment function in different countries, including the Philippines, Indonesia, and others.
Ripple has also previously partnered with fintech company Novatti Group to expand the reach of its ODL service. Novatti was brought in to deploy the ODL Service via RippleNet to make instant, cross-border payments. The collaboration was also focused on improving remittances between Australia and the Philippines through Filipino-owned remittance service provider iRemit.