2018-12-11 14:59 |
Coinone Transfer, the payments business subsidiary of cryptocurrency exchange Coinone has introduced the first-ever blockchain-powered remittance service to South Korea. Named Cross, the web service and mobile app will enable remittance payments to the Philippines and Thailand, at a faster pace with lower costs.
A Quick Roll-out to RippleNet ClientsCross does not depend on the traditional banking system to facilitate cross-border remittances. Instead, it uses a powerful and transparent blockchain system from Ripple. The reliability, experience, and advanced technology of Ripple in facilitating low cost and quick cross-border payments will underpin Cross.
The service will likely expand across the region in the upcoming months. The service was quickly rolled out through RippleNet and its partner banks- Cebuana Lhuillier from the Philippines and Siam Commercial Bank (SCB) from Thailand. Coinone Transfer’s SCB partnership will also soon provide Cross customers a direct PromptPay link. This will help any recipients with a Thai bank account receive payments instantly and directly.
South Korea’s Growing DemandSouth Korea houses and employs an estimated two million immigrant workers, which constitutes over 3.4% of its total population. This presents a growing market ready for Cross to introduce its remittance services.
There are more than 153,000 Thai immigrant workers in the country, making them the third-largest immigrant population. About 58,000 Filipino workers are also employed in South Korea. The World Bank estimated that South Korean remittance market has ballooned to $17 billion in the last year alone.
The opportunities available to Cross are plentiful considering the market size and the number of remittances sent to and from South Korean every year. Sending smaller sums of money overseas was often very costly with the traditional banking system and tracing payment history was very complex.
The Global Remittance Licenses, that the South Korean government started rolling out in July 2017 to non-banking entities, combined with the new Cross service will finally make cross-border payments faster and affordable. The service also marks another milestone for Ripple which has increased its ASEAN footprint aggressively in 2018.
Coinone Uses Ripple’s Tech To Become South Korea’s First Blockchain-Based Remittance Service was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
Similar to Notcoin - Blum - Airdrops In 2024
Speed Mining Service (SMS) на Currencies.ru
|
