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The Coinone subsidiary, Coinone Transfer, introduced Cross, the first remittance app and the blockchain-based web service of South Korea, using Ripple's enterprise blockchain technology.
Cross offers people in Thailand and the Philippines access to faster and cheaper payment services.
Coinone Transfer used RippleNet and connections with Siam Commercial Bank (Thailand) and Cebuana Lhuillier (Philippines) to release the service. The plans provide for the launch of an aggressive regional expansion in the coming months.
Ripple states that its advanced blockchain technology distinguishes Cross from other South Korea remittances options, as it "does not rely on traditional banking tracks".
Meet the South Korean market demand
Cross aims to carry out cross-border transactions "as easy as making bank deposits". Advertise a total transaction fee of 1% on your website, along with "bulletproof security" for customers.
According to Ripple, remittance services in South Korea were limited due to the high costs associated with sending money abroad. For those who can send money, it can be very difficult to really see when the funds have been delivered due to the complexity of the tracking.
In July 2017, South Korean government officials began issuing licenses to entities offering remittance services.
Many see a strong future for companies in the remittance sector in South Korea and in the larger region due to the large number of immigrants in different countries. Local media in South Korea reported in August that the estimated number of 1.74 million immigrants in the country represents about 3.4% of the population. The 2017 report on the Korean Immigration Service indicated that there were at least 153,000 immigrants from Thailand, while about 58,000 people from the Philippines were working in the country.
Ripple march forward in the world of Blockchain
Ripple has made headlines all over the world over the past two months due to the expansion of RippleNet's global payment solution.
The company has also recently established a lobby association called Blockchain for Europe along with other entities in the field. The idea behind the association is to assist European officials in creating "smart rules for shaping the global agenda on the blockchain". As reported by CCN, the association hosted the Blockchain For Europe summit last month, which had four of the largest attendance groups.
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