A group of South Korean money transfer and remittance companies has joined Ripple'south blockchain-based financial services network RippleNet to bolster the remittance market in the country.

In a February. 25 announcement, Ripple revealed that South korea-based coin transfer service providers Sentbe and Hanpass, and mobile and online based cantankerous-border remittance services firm WireBarley accept begun using the RippleNet platform. The collaboration is geared to improve remittances in Korea.

Co-ordinate to the World Bank, workers' remittances, receipts in South korea amounted to over $vi.2 billion, in 2022. The pinnacle destination country for emigration-related remittances by South Koreans was reportedly the United states of america, which constituted more than 50% of the total number of remittances, with Malaysia running second.

Too Philippines

In addition to the three partnerships in South Korea, RippleNet has also announced it's collaboration with London-based remittance service Azimo. The companies volition open up an On-Demand Liquidity corridor to the Philippines, with Ripple's native token, XRP, as a span currency.

Commenting on the partnership, Richard Ambrose, CEO of Azimo, said: "Ripple's ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits."

Using the RippleNet platform will reportedly reduce liquidity costs by up to threescore% compared to traditional cyberbanking solutions.

Increasing adoption of Ripple'due south engineering science

In Feb lonely, RippleNet onboarded Bangladesh-based Bank Asia and Mexican International Money Limited, a money remittance services firm focused on the Latin and Caribbean corridor.

Another major financial institution that partnered with RippleNet this month was the National Banking concern of Arab republic of egypt, which ostensibly hopes to admission new markets, and to support and extend its remittance business in the Gulf region in particular.

At the same time, remittances giant MoneyGram announced a new service assuasive real-time money sending based on Visa'south Direct Original Credit Transaction. The solution enables MoneyGram's users to deliver funds to bank accounts through Debit card eolith.

Speaking with Cointelegraph, Kamila Chytil, COO at MoneyGram, pointed out that while Ripple is not involved in this service, the firm uses blockchain-based extensively in other areas:

"Today, MoneyGram is utilizing Ripple'due south On Demand Liquidity production which allows MoneyGram to trade FX at a corporate level using XRP. It'south a dorsum-end treasury function that's not consumer facing. The technology is helping to solve the most expensive and time consuming aspect of the electric current process past reducing the amount of money the company needs to park around the world, which will eventually reduce working uppercase needs."