Ripple has added three South Korean customers to its blockchain-based payment network, RippleNet as more and more financial institutions see the power of the company.
The three remittance companies, Sentbe, Hanpass, and WireBarley have all signed cooperation agreements, according to official Ripple sources, with the assumption that they are looking to more efficient cross-border payments through RippleNet.
Hanpass works namely in South Korea but the other companies have a wide scope. Sentbe focuses on Southeast Asia and Northeast Asia, serving countries including the Philippines, Indonesia, Vietnam, Japan and China. WireBarley provides services in Australia and New Zealand, Hong Kong, Japan and South Korea.
This is not the first South Korean partnership for Ripple, who was no doubt enticed by the clear regulations in the nation. Coinone Transfer joined in 2018 and saw a monthly payment growth reach 50%. Emi Yoshikawa, senior director of global business at Ripple, spoke on the new additions, saying:
“South Korea is a hotbed of fintech innovation, and we are committed to expanding our customer base and influence. Since the Korean government began issuing remittance permits for payment service providers in 2017, we have witnessed Korean payments Service providers have significantly improved their customers ’payment experience, and we are excited to participate in their ongoing efforts.”
The South Korean addition only cements the strong presence the US-based company has built in the Asia Pacific region, where the majority of their customers come. As a result of this growing Asian demand, Ripple doubled their number of staff in its Singapore office.
The South Korean news completes yet another good period for Ripple. They partnered up with Azimo, one of Europe’s biggest money transfer services. Ripple also had some positive affirmation after they recently used XRP to move $24 million between the U.S. and Mexico in a single week.