Ripple, a currency exchange and remittance network operated by U.S.-based technology company Ripple Labs Inc., is planning to penetrate Asian markets in cooperation with South Korean fintech firms such as Coinone, Sentbe and Hanpass. They are going to join Ripple’s global payment network RippleNet for synergy maximization.
Specifically, their won-based overseas remittance services are expected to cover more countries via the RippleNet platform and Ripple is expected to be able to expand its business base in Asia-Pacific countries such as Japan, Singapore and Southeast Asian countries, which are the overseas remittance service providers’ major business areas.
Established in San Francisco in 2012, Ripple is currently running offices in Washington D.C., New York, London, Singapore and Dubai. It has approximately 300 members across the world, including American Express and Standard Chartered.
After the South Korean government permitted the small-sum overseas remittance service in 2017, a total of eight South Korean firms have joined RippleNet to expand their business to Southeast Asia and other parts of the world. For example, the Cross overseas remittance app of Coinone Transfer, which joined RippleNet in 2018, has reduced its remittance fee by about 90 percent as compared with those of general banks.