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Coinone Transfer, a subsidiary of the leading Korean cryptocurrant exchange company Coinone, has joined RippleNet and uses the cross-border payment solution from Ripple xCurrent. It is the first exchange of digital goods in Korea to collaborate with RippleNet. Separately the largest bank in Kuwait, the National Bank of Kuwait has also launched a remittance app via RippleNet.
Korea
A new remittance service, entitled "Cross", offered to Coinone Transfer retail customers aims to meet the growing demand in Korea for faster and cheaper payments and cross-border transfers. The Cross service is active and so far allows transfers to Thailand (via the Siam Commercial Bank) and the Philippines (via Cebuana Lhuillier). Continuing the plan is to allow Cross customers to transfer money to family and friends throughout Southeast Asia.
Ripple confirms: "xCurrent allows payments of any size to move quickly, transparently and at low cost across borders, making it ideal for volume and small remittance payments."
Ripple has two main products xCurrent and xRapid. xCurrent uses RippleNet instead of the corresponding banking system. While xRapid also uses XRP cryptocurrency as a medium of exchange.
Wonhee Shin, CEO of Coinone Transfer, believes that xCurrent "will revolutionize" the lives of its customers through real-time global payments.
The Coinon exchange processes the equivalent of over $ 97 million in transactions per day and is a member of the DAYLI Financial Group. Blockchain solutions and Artificial Intelligence (AI) infrastructure provider DAYLI Intelligence and SBI Ripple Asia in 2018 collaborated to develop a cross-border payment offer between Japan and South Korea, as well as other countries.
SBI Ripple Asia, set up in 2016, is a consortium comprising over 60 Japanese banks using Ripple's blockchain payment and payment solutions.
SBI Ripple Asia received its electronic payment license as a "replacement business" rather than a conventional bank in Japan a few months ago and launched its Money Tap mobile application in October 2018. The application and remittance platform is designed to satisfy a gap in the market and provide 24/7 payments, where previously Japanese bank transfers had to be processed between 8.30 and 15.30 only on weekdays.
Kuwait
The National Bank of Kuwait (NBK) has launched a remittance app that uses Ripple's blockchain network. Called NBK Direct Remit, the solution aims to enable fast and frictionless cross-border transfers and is available 24 hours a day, 7 days a week. So far customers can transfer money to Jordan, but the bank intends to add other countries soon.
NBK is the largest financial institution in Kuwait and is present in 15 countries. The company says it intends to launch further solutions and adopt the RippleNet network globally.
