Big News: Ripple attracts new financial heavyweights in South Korea as partner

  • Ripple can gain further innovative companies from South Korea, Sentbe, Hanpass, WireBarley and Coinone, as partners.
  • The cooperation provides all partners with access to RippleNet, enabling them to provide fast transactions to their customers in near real-time.

In South Korea, the remittance market continues to be dominated by large financial institutions, which, due to their monopoly position, can charge high foreign remittance fees and thus cost their customers a lot of money and time. However, in 2017 a new law came into force that will allow non-bank companies to offer services in this sector.

Ripple establishes new cooperations in the Asian region

Coineone Transfer has entered into a partnership with RippleNet to develop its remittance product for the retail sector. The new application is the first mobile blockchain based remittance product in South Korea and is designed to enable fast and cost-effective payments to nearby markets such as Thailand and Sri Lanka.

Since its official launch in 2018, Coinone Transfer has achieved a monthly growth rate of 50% compared to the previous year, reducing its fees by more than 90% compared to the fees that banks in the country charge their customers for providing the same service. As a result of these cost savings, many customers have switched to Coinone Transfer.

More than half of Ripple’s customers are located in Asia. Ripple is further strengthening its presence in South Korea through new partnerships with Sentbe, Hanpasa and WireBarley, enabling these companies to improve cross-border payment services both within and outside the country.

Sentbe is a remittance service provider that offers simple and fast money transfers abroad. The company is mainly active in the South and North-East Asian corridor, including the Philippines, Indonesia, Vietnam, Japan and China, and saves its customers up to 95% of the transfer fees charged by banks. Sentbe’s customers include tech giant Samsung.

Hanpass is a leading Korean Fintech company that provides remittance and O2O currency exchange services via mobile apps. The special feature of the service is that the users of the mobile app do not need to have a bank account in South Korea in order to carry out transactions.

Within the banking app, customers can easily and securely go through an identification process that is much easier than registering an account with a bank. In October last year, Hanpass entered into a cooperation with Western Union to reach other target markets outside Asia.

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The Fintech start-up WireBarley offers mobile and online based cross-border wire transfer services in the Asia-Pacific region (APAC). The company was an early pioneer in the Australian remittance corridor and has expanded its services to other corridors in Korea, New Zealand, Vietnam, the Philippines, Hong Kong, Japan and the United States.

Emi Yoshikawa, Sr. Director of Global Operations, describes how the remittance market has developed greatly since 2017 due to a liberalization of laws:

South Korea is a hotbed of fintech innovation, and we’re committed to grow our customer base and presence.

Since the Korean government started licensing payment providers for remittance in 2017, we have witnessed how Korean payment providers dramatically improved payments experience for their customers, and we are pleased to be part of their on-going efforts.

Ripple (XRP) price follows the current market trend

Meanwhile, the price of XRP is not responding to this news, but is following the current market trend, falling 8.1% in the last 24 hours to a price of USD 0.2443. With a market capitalization of USD 10.72 billion, XRP continues to rank third among the largest cryptocurrencies worldwide.

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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