The global money transfer market has begun to break down and San Francisco-based blockchain company Ripple is a well-known platform in this area. With RippleNet, the company has created many partnerships with the aim of improving remittance in the region. In fact, Ripple has previously revealed that nearly half of RippleNet's customers are located in the Asia-Pacific region (APAC).
According to one report Remittance announced by the World Bank in 2018, has seen a significant growth in money flows, from nearly 7% in East Asia and the Pacific to 12% in South Asia. As part of its remittance path, Brad Garlinghouse, a leading company, is seeking to disrupt the region for its growing money transfer market.
Interestingly, over the past few months, RippleNet's participation in the Korean payment market has reached its peak. The World Bank report also revealed that the average value of the Korean money transfer market has grown exponentially from $ 353.1 million in 1980 to $ 6254.3 million in 2018.
Source: TheGlobalEconomy | World Economy
For a long time, the Korean money transfer market has been supported by large traditional financial companies, causing the domestic and overseas money transfer platform to soar. However, there seems to be a change and this was launched in 2017 when the country allowed non-bank companies to provide money transfer services.
Emi Yoshikawa, Global Director of Ripple, has previously been say Korea is a hot spot for fintech innovation. He also revealed:
"Since the Korean government started licensing remittance payment service providers in 2017, we have witnessed how Korean payment providers significantly improved the payment experience. math for their customers, and we are thrilled to make a small contribution to their efforts. "
One of the most noteworthy developments in the space is blockchain-based financial services company, Coinone Transfer, partnering with RippleNet in South Korea with retail money transfer product Cross at the end of 2018 through SBI Ripple Asia , a joint venture between Ripple and SBI Holdings.
In the above post blog In its latest, Ripple revealed that Coinone Transfer volume increases by an average of 50% per month, while customer retention rate is 80%. Coinone Transfer's business development director, Camille Jeong, is credited with creating a lot of success for “important features of Ripple.”
Besides, Ripple has signed three agreements with famous Korean organizations. The company has disclosure deals signed with money transfer companies Sentbe, Hanpass and WireBarley last month.
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