A group of South Korean money transfer and remittance companies has joined Ripple’s blockchain-based financial services network RippleNet to bolster the remittance market in the country.
In a Feb. 25 announcement, Ripple revealed that South Korea-based money transfer service providers Sentbe and Hanpass, and mobile and online based cross-border remittance services firm WireBarley have begun using the RippleNet platform. The collaboration is geared to improve remittances in Korea.
According to the World Bank, workers’ remittances, receipts in South Korea amounted to over $6.2 billion, in 2018. The top destination country for emigration-related remittances by South Koreans was reportedly the United States, which constituted more than 50% of the total number of remittances, with Malaysia running second.
In addition to the three partnerships in South Korea, RippleNet has also announced it’s collaboration with London-based remittance service Azimo. The companies will open an On-Demand Liquidity corridor to the Philippines, with Ripple’s native token, XRP, as a bridge currency.
Commenting on the partnership, Richard Ambrose, CEO of Azimo, said: “Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits.”
Using the RippleNet platform will reportedly reduce liquidity costs by up to 60% compared to traditional banking solutions.
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