Ripple achieves this through partnerships with three startups in South Korea.
Ripple improves cross-border payments in South Korea: Details
Ripple has expanded its presence in South Korea by adding three new startup partners: Sentbe, Hanpass and WireBarley. The three companies have joined the global RippleNet network, which this year has exceeded 300 members. About two million immigrants live in South Korea, representing more than three percent of the total population. This created the need for reliable payment corridors between South Korea and the Philippines, Thailand, Japan and other countries.
The new Ripple Sentbe partner thanks to cooperation now saves up to 95 percent of transfer fees, allowing consumers to send payments to the above countries without opening a bank account. Hanpass is considered one of the leaders in the field of mobile transfers in South Korea, and WireBarley has access to the markets of Australia and the United States. According to Ripple’s senior director of global operations, South Korea is a hotbed of innovative technology, and therefore Ripple is committed to expanding its customer base and presence. With the advent of new customers, Ripple intends to significantly improve the cross-border payment industry in South Korea and the Asia-Pacific region as a whole.
Earlier it became known that the partner of Ripple MoneyGram exceeded all expectations in the income report for the 4th quarter of 2019.