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In the last few months Coinone Transfer, Cryptechange Coinone's payment and subsidiary company, has reintroduced South Korea's first blockchain remittance app and the cross-linked web service, offering faster and cheaper payments to Thailand and the Philippines.
The Coinon Transfer service in partnership with Ripple was announced in May.
Unlike other remittance options in South Korea, Cross does not rely on traditional banking tracks. Rather, it provides a secure alternative for those with or without a bank account and the increased transparency and reliability of payments related to Ripple's advanced blockchain technology.
With plans for aggressive expansion across the region in the coming months, Coinone Transfer has rapidly expanded the service through new financial institutions using RippleNet – connections formed with Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines.
The Coinone Transfer partnership with SCB will soon offer Cross customers a direct link to PromptPay, which allows any recipient with a bank account in Thailand to receive a payment directly and instantly.
Growing demand in the South Korean market
With an estimated two million immigrant workers living in South Korea – more than 3.4 percent of the total population – the need for better remittance services like Cross has never been greater.
According to a government report from 2017, Thai immigrant workers are over 153,000 and represent the third largest immigrant population in the country. The Filipino immigrant population is not far behind with about 58,000 people working today in South Korea.
It is not surprising that the rate of incoming and outgoing remittances has skyrocketed – with the World Bank estimating about $ 17 billion in remittances last year alone.
Address the real pain points of the customer
In the past, remittance options in South Korea were limited. For those who send small amounts of money abroad, the cost of sending a payment is often too high to justify. Tracking the payment history was extremely complex: customers did not know the exact date or time for the delivery of funds or were able to cancel a payment request once it was in progress.
In July 2017, the South Korean government began offering global remittance licenses to non-bank companies that manage remittance services in the country. This, combined with the introduction of the new Cross service, finally offers these customers a better way to send money abroad – cheaper, faster and more reliable options than traditional options.
One of the main advantages of RippleNet is that it allows banks and payment providers to join and provide a better experience for all their end users.
