February 27, 2020 – RippleNet announces new collaboration to boost its remittance business strategy in Asia.
According to a blog post, half of Ripple’s customers that are on RippleNet are based in the Asia-Pacific region. RippleNet then announces partnerships with Sentbe, Hanpass, and WireBarley in Korea, stating that these collaborations reveal the extent of why cross-border payment services in the country must be improved. RippleNet boasts money transfers that are as fast as “mere seconds” when compared with traditional methods.
Sentbe is a money transfer company that is servicing the Northeast Asia and Southeast Asia corridor with a focus in the following countries: China, Japan, Vietnam, Indonesia, and the Philippines. RippleNet said its customers can save up to 95% in fees versus doing money transfers via banks. Sentbe’s website prominently features its partnership with Ripple:
Hanpass uses mobile identification process for KYC so that its users can send money without needing to set up local bank accounts.
Australian fintech startup WireBarley is operating a mobile and online-based cross-border remittance service in the Asia Pacific. According to Emi Yoshikawa, its Sr. Director of Global Operations, the company is committed to grow its customer base and presence in South Korea.
In a separate blog post, Ripple announces it is partnering with Azimo, a digital money transfer service in Europe. Azimo launches with Ripple’s On-Demand Liquidity Solution (ODL). Azimo said the Philippines is a top remittance destination, receiving $34 billion globally in 2018.
In a press release, Richard Ambrose, CEO of Azimo said they have been interested for a long time in the potential of digital assets like XRP for making cross-border payments.
“Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits,” – Richard Ambrose, Azimo
He also believes that the more banks and financial institutions will use ODL, the more it can replace the current methods of foreign exchange trading and possibly reduce fees close to zero.
Source: Press Release, Cointelegraph
This article is published on BitPinas: RippleNet Announces New Partners for South Korea, Philippine Markets