Ripple, currently the world’s top cryptocurrecy, is reportedly entering the South Korean market. The blockchain-based company enters theKorean market by signing partnerships with Sentbe, Hanpass and WireBarley.
SentB is one of the leading companies in overseas remittance service. It is focusing on Japan, China and Southeast Asian countries such as Philippines, Indonesia and Vietnam.
Joining the RippleNet, it joins the payment network to enable banks and payment service providers to easily transfer money anywhere around the world. Customers can transfer and pay in seconds through end to end tracking. Further, they can easily identify fees, time to transfer and the progress of money transfer.
SentB CEO, Choi Sung-Wook stated, “The amount of money transferred from Korea to overseas, especially to Southeast Asia, has been increasing steadily since last year”.
He continued, “RippleNet, which completes transactions within a few seconds, will show a whole new world to customers. They will no longer experience trouble with non-integrated networks. In addition, the network will also increase the amount of money transferred in Korea as network expansion.”
Cross, Ripple collaboration with Korean and Asian institutions for overseas remittance application service
Ripple already has customers for Ripplenet. Including financial institutions in Korea and small overseas moneylenders. In 2018, ‘CoinOne Transfer’ joined Ripplenet for the release of ‘Cross’ an overseas remittance application based on blockchain technology.
Cross is an application that provides money transfer services to neighboring countries. Including Thailand and the Philippines, with benefits such as fast speed and low fees. The coin-one transfer recorded a 50 percent monthly increase in remittances since the use of the ripplenet. As well as reduced fees by 90 percent from ordinary banks.
Over the past year, Ripple has achieved unprecedented growth in markets around the world. It has expanded its business in Brazil, Iceland and Dubai, while Singapore-based executives and employees doubled. And this year, it focuses on expanding its customers in the Asia-Pacific region, including South Korea, Japan and Singapore.