Camille Jeong, the business development manager of Coinone Transfer, claims that Ripple helped them bring in new customers who had been sending money overseas with the help of banks.
The South Korean remittance company has managed to retain 80 percent of its clients.
'The unique Ripple-powered benefits of our service and innovative marketing brought people in. Our superior customer experience kept them coming back and our retention rate is now more than 80%.'
Coinone Transfer touts a slew of benefits offered by Ripple
The partnership between SBI Ripple Asia and Coinone Transfer dates back to 2018. By becoming a member of the global RippleNet network, the firm was able to easily connect with other financial institutions in Thailand, the Philippines, and other countries. As of now, Coinone Transfer boasts 12 payment corridors.
South Korean immigrants who send money to loved ones abroad can benefit from low fees and fast settlements.
'Our RippleNet connections also allow us to settle transfers in real time – a huge improvement on the traditional multi-day process of the banks.'
Ripple eyes South Korea's $33 bln remittance market
As reported by U.Today, Ripple joined forces with three new South Korean startups (Sentbe, Hanpass, WireBarley) in late February, which underscores its aggressive expansion in the country that boasts a $33 bln remittance market.
Back in March, South Korea caused quite a stir by legalizing cryptocurrency trading, solidifying its status as a major crypto hub.
However, none of the aforementioned companies stipulate using XRP for cross-border payments.