The South Korean Stock Exchange division Coinone launched the Cross payment application using Ripple's xCurrent technology.
The application is focused mainly on residents of the regions with underdeveloped banking infrastructure. According to Coinone Transfer representatives, with the help of Cross, residents of South Korea will be able to exchange payments inexpensively with recipients from Thailand or the Philippines.
To accomplish the task, Coinone will cooperate with the Thai Siam Commercial Bank and the Philippine financial institution Cebuana Lhuillier. In the future, Cross users will be able to transfer funds to any recipient from Thailand through the PromptPay system supported by Mastercard.
According to Ripple, cross-border transfers are extremely popular among South Korean immigrants from Thailand and the Philippines, who in 2017 made transfers of $ 17 billion.