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Global Money Express Co. Ltd, a leading non-bank remittance service provider in South Korea, has joined the RippleNet network. Ripple announced this news on August 10, saying joining RippleNet has helped the company establish a connection with Siam Commercial Bank (SCB), the third-largest bank in Thailand. Reportedly, SBI Ripple Asia facilitated this partnership, which seeks to accelerate and scale payments from South Korea to Thailand.

According to the announcement, Global Money Express joined RippleNet to connect with existing customers on the network and expand its remittance services into other regions. At the moment, approximately 184,000 Thai citizens live in South Korea. This means that the Thai population is the third-largest in the country, after Chinese and Vietnamese citizens.

With this in mind, Global Money Express, commonly known as GME Remittance, moved to help ease payments from South Korea to Thailand, allowing Thai nationals to send money back home seamlessly. Apart from this remittance corridor, the company also looks to expand into the US and Europe.

Explaining GME Remittance’s decision to partner with Ripple, the company’s Director and COO, Subash Chandra Poudel, said RippleNet enables seamless launching in new countries. On top of this, he pointed out that RippleNet offers new partners within two weeks of launching in a new country, thus mitigating the time needed for marketing. Through this assistance, Poudel believes GME Remittance will get an edge over its competitors.

Poudel further noted that,

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.

Welcoming GME Remittance to RippleNet, Emi Yoshikawa, Ripple’s Vice President of Corporate Strategy and Operations, said the remittance corridors that need high-performance payments in the Asia Pacific (APAC) region are expanding exponentially because people need to send money round the clock.

Yoshikawa added that Ripple is glad to work with GME Remittance because of its superior customer experience. According to him, the company will enjoy accelerated expansion into new markets by connecting with RippleNet’s network of established partners.

While GME Remittance is set to streamline payments between South Korea and Thailand, it is worth noting that it is not the only entity on RippleNet that supports remittances between the two countries.

Other organizations that serve the remittance channel between South Korea and Thailand include, but are not limited to, CROSS ENF and Sentbe.

The post GME Remittance joins RippleNet to streamline remittances to Thailand appeared first on Invezz.

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