Coinone Transfer launches blockchain-powered remittance service ‘Cross’

Coinone Transfer, a payments business and a subsidiary of crypto exchange Coinone, has introduced a blockchain-powered remittance mobile app and web service, which, according to Ripple, is the first such service in South Korea.

Called “Cross,” the new remittance service will offer faster, lower cost payments to Thailand and the Philippines.

Coinone Transfer joined Ripple’s blockchain network in May 2018. At the time, Wonhee Shin, CEO of Coinone Transfer, had revealed the plans to implement Ripple’s xCurrent solution for cross-border payments and settlement.

“Coinone Transfer quickly rolled out the service through new financial institutions using RippleNet — connections formed with Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines,” Ripple said.

“Coinone Transfer’s partnership with SCB also will soon offer Cross customers a direct link to PromptPay, which enables any recipient with a bank account in Thailand to receive a payment directly and instantly.”

In a tweet dated October 15, Cross announced the launch of remittance services, adding that the service will soon expand to Japan, Thailand, China, and Vietnam. The team launched Thailand remittance service on November 30. Cross said (via online translation):

“Until December 16th, you can send to Siam Commercial Bank accounts. But after that, you can send to any bank in Thailand for just 1% of the sending amount (min. fee: KRW 5,000). The money will be received in less than 30 minutes!

“Please note the maximum sending amount of KRW 1,500,000 per transaction.”

Previously, remittance options in South Korea were not only limited but also had high costs and complex process to trace payment history. In July 2017, the government began offering Global Remittance Licenses to non-bank businesses operating remittance services in the country.

“This combined with the introduction of the new Cross service finally provides these customers with a better way to send money abroad — options that are less costly, faster and more reliable than traditional options,” Ripple said. “One of the primary benefits of RippleNet is that it enables banks and payment providers to join together and provide a better experience for all their end users.”