December 17, 2018. The Philippines’ Cebuana Lhuillier has connected with South Korea-based cryptocurrency exchange Coinone and its remittance app, Cross, to make South Korea remittances to the Philippines faster and more affordable.
South Korea-based cryptocurrency exchange Coinone officially launched Cross, a mobile application and web service powered by Ripple using xCurrent. The app will offer faster and more affordable payments to the Philippines and Thailand.
In the country, Coinone tapped Cebuana Lhuillier’s almost 2,500 branches nationwide to serve the unbanked and the underbanked. It will give them a faster and cheaper option to receive and transfer funds to/from South Korea.
This Cross remittance application adds to a number of cross-border remittance platforms available to the Filipino people that can give a cheaper and faster option to transfer money abroad. According to Ripple’s report, Filipino immigrants has an approximate population of 58,000 in Korea. With Cross available, it will give them an option to transfer remittances at lower fees.
A banking group in Malaysia, CIMB, also chose Ripple to run its cross-border payments. This move is believed to cut expenses in terms of international payments in the ASEAN market. It uses SpeedSend that makes sending money abroad like the USA, Australia, Hong Kong, and UK almost seamless. It stretches its reach from the previous countries it supported: Philippines, India, Japan, Thailand, and Singapore.
SendFriend, a Ripple-powered xRapid payments solution aims to cut costs and speed up remittances from the US to the Philippines. It is another addition to blockchain-powered remittance solutions who want help reduce remittance costs and at the same time make it instantaneous. As of this writing, the team is still working its way to get remittance licenses in the United States. Although, New Jersey residents can send money to the Philippines soon using its app.
Another company that wants to use the blockchain to speed up remittances in Australia was also reported here on BitPinas. A California-based company called HashCash will launch its product – HC Remit. It will cater to the Australian remittance market to make cross-border money transfer affordable.
This article originally appeared on BitPinas: Philippines Cebuana Lhuillier Connected to Ripple xCurrent via Coinone