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RippleNet Helps Coinone Transfer Break Into the $33B South Korean Remittance Market

▪ South Korea’s lucrative $33 billion remittance industry mainly dominated by players from the banking industry saw new players such as Coinone Transfer after new regulation was implemented in 2017.
 ▪ SBI Ripple backed remittance company boasts of cheaper and faster real-time cross border money transfers.

The banking industry in Korea had majorly dominated remittance services in South Korea before 2017. The new regulation that came into effect in 2017 granted non-banking institutions access to a slice of the $33 billion pie.
This resulted in the launching of Coinone Transfer which was a brainchild of the SBI Ripple Asia partnership. This was a strategic partnership between RippleNet and SBI holdings to give birth to South Korea’s first remittance service that was supported by Blockchain.