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Ripple has partnered with GME Remittance to accelerate and scale payments from South Korea into Thailand, building on the RippleNet momentum in APAC, where transactions grow 130% year-over-year.
This is just proof that regulatory constraints in the US have only encouraged Ripple to grow well in other countries where opportunities are accessible and crypto-friendly.
Ripple’s momentum is continuing in the APAC region. For clarity, Global Money Express Co. Ltd (GME Remittance) is one of the largest non-bank remittance service providers in South Korea. Them partnering with RippleNet is huge. Through RippleNet, Ripple’s global financial network, GME Remittance, further connects with Siam Commercial Bank (SCB), Thailand’s largest bank in terms of market capitalization.
Ripple Insights has to state that this partnership has been established through SPI Ripple Asia, a joint venture between SBI Holdings and Ripple. It is set to further accelerate and scale payments from South Korea into Thailand. Thus, serving best the 184,000 Thai nationals who are residing in South Korea. Notably, the Thai population is the third-largest in Korea after Chinese and Vietnamese nationals.
Subash Chandra Poudel, Director and COO at Global Money Express Co. Ltd. (GME Remittance), reportedly stated, “We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors.”
He also stated, 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.
Email Yoshikawa, Vice President of Corporate Strategy and Operations at Ripple, pointed to how the need for remittance corridors in these regions with high performance is growing exponentially.
Ripple is pleased to partner with a leading payments service provider like GME Remittance to provide a superior customer experience while accelerating its expansion into new markets. At the same time, they connect with the existing network of established partners on RippleNet.
This new partnership on RippleNet between GME Remittance and SCB comes is all set to improve strong customer momentum for Ripple in the Asia Pacific. This region is the fastest-growing for Ripple, with the transactions growing by 130% year-over-year while being driven by existing RippleNet customers and new connections.
Financial institutions who are looking to accelerate and scale a high-performance payments business are always welcomed by Ripple.
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