Ripple is adding to its list of corridors for providing on-demand liquidity [ODL] solutions to more users by connecting different parts of the world. Its latest addition is a partnership with one of the prominent companies in South Korea, GME Remittance to enable faster payments to Thailand.
According to the official announcement by Ripple, Global Miney Express Co. LTD [GME Remittance] will be joining the RippleNet through which it will connect to the Siam Commercial Bank [SCB], Thailand’s popular largest bank.
The announcement added,
“This partnership, established through SBI Ripple Asia — a joint venture between SBI Holdings and Ripple — will accelerate and scale payments from South Korea into Thailand. With 184,000 Thai nationals residing in South Korea, the Thai population is the third largest in the country — after Chinese and Vietnamese nationals.”
RippleNet already homes several South Korean banks to process ODL to Thailand. Subash Chandra Poude, Chief Operating Officer at GME noted,
“We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors.”
GME Remittance was also looking to expand its reach using additional remittance corridors across the region and globally, which includes Europe and the US. The demand for corridors to Thailand has been “growing exponentially- with people needing to send money round the clock,” as suggested by Emi Yoshikawa, Vice President of Corporate Strategy and Operations at Ripple.