Ripple and GME Remittance will speed up money transfers between South Korea and Thailand
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, the Korean company has connected to Siam Commercial Bank, a leading bank in Thailand, through Ripple's financial network.
The partnership, set up through SBI Ripple Asia, a joint venture between Ripple and SBI Holdings, is designed to accelerate and scale payments between countries.
South Korea is home to 184,000 Thai nationals, a number second only to those from China and Vietnam in the country.
Ripple recalled that GME Remittance is not the first Korean company to join its network. CROSS ENF and Sentbe already conduct remittances between South Korea and Thailand through RippleNet.
Through the partnership, GME Remittance expects to tap into existing GME Remittance customers to reach additional remittance destinations in the region and around the world, including Europe and the US.
"We started the partnership with Ripple because with RippleNet we can enter new countries with new partners within 1-2 weeks. This has significantly reduced our time to market and gives us an edge over our competitors," said GME Remittance COO Subash Chandra Poudel.
The price of Ripple's XRP token rose more than 25% on the news of the new partnership. From levels around $0.85, the asset rose to $1.08 in the moment (Bitfinex)
Recall that in July, XRP appreciated 14% after Ripple announced the launch of the Japan-Philippines On-Demand Liquidity (ODL) payment corridor in partnership with SBI Remit, SBI VC Trade, and Philippine service Coins.ph.