Global Money Express (GME Remittance), South Korea’s largest non-bank remittance service provider, has joined RippleNet. According to a Ripple blog post published on 11 August, GME will use RippleNet to connect to Siam Commercial Bank (SCB), Thailand’s third bank in terms of market capitalization.
The partnership was established through Ripple’s joint venture with SBI Holdings, SBI Ripple Asia, and will be used to provide a cheaper and more efficient remittance channel between South Korea and Thailand. The Thai population is the third-largest in the country — with over 184,000 Thais residing in South Korea — ranking just below Chinese and Vietnamese nationals.
GME Remittance has become the latest Korean financial institution to use RippleNet to serve the remittance corridor between South Korea and Thailand. The company will join CROSS ENF and Sentbe, which have been RippleNet’s partners since 2018 and 2020, respectively. Through the partnership, GME Remittance plans on expanding into additional remittance corridors, both globally and across the region.
Subash Chandra Poudel, the Director and COO and GME Remittance, said that the company chose Ripple as RippleNet will enable it to launch into new countries with new partners within one or two weeks. This will drastically reduce the time to market and provide the company with an edge compared to its competitors, he explained.