Ripple Will Scale Remittances Between Thailand And Korea: Report

Ripple will scale remittances between Thailand and Korea as of late with its footprint in the APAC increasing as we are reading more in our latest ripple news today.

The major South Korean remittance service provider partnered with Ripple while trying to power up payments between Thailand and South Korea. Set to expand into additional remittance corridors, the GME Remittance joined a flock of the Korean financial institutions and money transfer companies on RippleNet as the blockchain-based payments company continued bolstering the presence in the Asia Pacific.

We're excited to partner with GME Remittance to accelerate and scale payments from South Korea into Thailand, building on the RippleNet momentum in APAC where transactions are growing 130% year-over-year. https://t.co/aDeceLNIZY

— Ripple (@Ripple) August 11, 2021

The South Korean remittance service provider linked with Thailand’s leading bank by market cap, siam Commercial Bank via the use of RippleNet according to Ripple’s blog post on Tuesday, and Ripple already had a stronger presence in South Korea established a new partnership with a few financial institutions and money transfer companies in the country like CROSS ENF, Sent, and Hanpass. Director and COO at GME Remittance Subash Chandra Pudel said:

“We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks.”

Ripple said in an announcement:

“This new connection on RippleNet between GME Remittance and SCB comes off the back of strong customer momentum for Ripple in Asia Pacific.”

According to Ripple, the region is one of the fastest-growing for the company and with transactions scaling 130% year-over-year driven by both existing connections and partnerships.  The Vice President of Corporate Strategy and Operations at Ripple Emi Yoshikawa said:

“The remittance corridors requiring high-performance payments to this region are growing exponentially — with people needing to send money round the clock, even on holidays or weekends.”

According to the company’s recent market report, the average daily trading volume of ripple surged doubling to $4.49 billion in the second quarter of 2021. Ripple will scale remittances between Thailand and South Korea and its ongoing legal battles with the US SEC and not preventing the company from growing the busienss abroad focusing on other regions with clear regulatory guidance. XRP is now trading at $0.88 after witnessing a strong 9.8% price boost during the past day and the token rallied 26.57% during the past week riding the new wave of general market sentiment.