Ripple-based money transfer service launched in South Korea
December 12, 2018 @ 13:31 UTC
Coinone subsidiary Coinone Transfer has introduced Cross, South Korea’s first blockchain-based remittance app and web service, using enterprise blockchain technology created by Ripple. Cross gives people in Thailand and the Philippines access to faster and cheaper payment services.
Coinone Transfer utilized RippleNet and connections with the Siam Commercial Bank (Thailand) and Cebuana Lhuillier (Philippines) to release the service. Plans are to launch an aggressive regional expansion in the upcoming months. Ripple claims that its advanced blockchain technology sets Cross apart from other South Korean remittance options since it does “not rely on traditional banking rails.”
Cross touts itself as making cross-border transactions “as easy as making bank deposits.” It advertises a total transaction fee of 1% on its website, alongside “bulletproof security” for customers. According to Ripple, remittance services in South Korea have been limited due to the high costs associated with sending money overseas. For those who manage to send money, it can be very difficult to actually see when the funds were delivered due to tracking complexities.
In July 2017, South Korean government officials started to give licenses to entities who were offering remittance services. Many see a strong future for companies in the remittance industry within South Korea and the greater region due to the large amounts of immigrants in different countries. Local media in South Korea reported in August that the estimated 1.74 million immigrants in the country make up about 3.4% of the population. The Korea Immigration Service Statistics 2017 report indicated immigrants from Thailand numbered at least 153,000, while around 58,000 people from the Philippines were working in the country.