Coinone Transfer, which is a subsidiary of Coinone has launched its first Blockchain powered mobile payments application. It will use Ripple’s technology in ensuring faster and cheaper transactions.
Coinone, being a South Korean company has targetted efficient transfers from South Korea to and from Philippines and Thailand. It has enabled connections formed with Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines.
Given that immigrants form 3.4% of South Korea’s population according to 2016 September statistic which equals to about 1.76 million an efficient remittance service is needed in the country. It will help both immigrant users of the platform to send and receive money from friends in relatives through Coinone along with Ripple’s adoption in South Korea, Philippines and Thailand.
According to a government report in 2017, Thai immigrant workers are more than 153,000 while Filipino immigrants are approximately 58,000.
The move follows South Korea’s change in its remittance laws, allowing companies that are not banks to offer cross-border payment services.
Coinone is looking at expanding the service across Southeast Asia. It’s not surprising South Asian countries are taking a liking for Ripple given the number of cross-border transactions that occur in the region.
There are several challenges faced in the region too, in terms of cross-border transactions. These include high costs, inefficiency and time-consuming payments. However, Ripple’s technology RippleNet currently addresses these issues making it rise in popularity in the region.
Ripple already has strong partnerships in South East Asia. One such partner is the fifth largest bank in the region, CIMB Group which further helps in Ripple’s mission of overtaking SWIFT as the main cross-border technology used by financial institutions.
— userCaseAsset (@usercaseAsset) December 11, 2018
As seen above users are already asking Ripple to help provide efficient cross borders services in the country’s they work in and the places where they originate.
Image Source – Flickr
Subscribe to our Newsletter to be a part of our future $1,000 per month contests.