South Korea: 3 More Financial Institutions Tap RippleNet for Remittances | BTCMANAGER
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Ripple, the San Francisco-based distributed ledger technology (DLT) company in charge of the XRP altcoin, has announced that three more fintech startups in South Korea have joined RippleNet, according to a blog post on February 25, 2020.
More Firms Tap Ripple’s Blockchain Technology
In a bid to help their clients to facilitate superfast, secure and cost-efficient remittances and cross-border payments, three South Korean financial technology firms, Hanpass, WireBarley, and Sentbe, have all joined RippleNet.
As stated in its blog post, nearly half of the fintech firms and financial institutions leveraging Ripple’s blockchain solutions for remittances and cross-border payments are located in the Asia-Pacific (APAC) region, as most of these firms have taken advantage of the flexible payments and remittance rule change implemented in 2017 by the government.
Ripple says Coinone Transfer leveraged its RippleNet solution to launch South Korea’s first blockchain-based remittance mobile app in 2018, and the startup has been providing users in nearby markets including Thailand and Sri Lanka with fast and low-cost payments.
Commenting on Ripple’s growing adoption in the Asian region, Emi Yoshikawa, Senior Director of Global Operations, noted that:
“South Korea is a hotbed of fintech innovation,