South Korea’s Coinone has formally kicked off a remittance app that uses Ripple’s xCurrent product to expedite cross-border payments, dubbed as the Cross.
In a December 10 announcement, Ripple states that Coinone’s payment subsidiary, the Coinone Transfer, has officially launched the app, which has been under wraps in the past few months. The app has been created to give “unbanked and underbanked” people the power to inexpensively transfer funds from South Korea to Thailand or the Philippines.
Crypto exchange Coinone is set to collaborate with Thailand’s Siam Commercial Bank (SCB) and Philippine-based financial institution Cebuana Lhuillier to send funds to customers. In addition, Cross customers can directly transfer funds to any recipient that has a bank account in Thailand via the Mastercard-powered PromptPay app.
Ripple underscores that the new application will address the rising demand for cross-border remittances. Thai and Filipino expatriates are two of the biggest immigrant groups in South Korea, which account for $17 billion worth of remittances coming into and out of the country in 2017 alone.
In May, Coinone Transfer initially revealed it has been eyeing Ripple’s xCurrent. During that time, Wonhee Shin, the Coinone Transfer CEO, stated that through the xCurrent, the platform was able to offer customers inexpensive, real-time payment services.
In recent months, numerous banks and other financial services institutions have started using the platform, which includes SBI Ripple Asia and PNC Bank. The two companies also want to use the solution for cross-border payments.