South Korean Bank Plans Commercial Ripple Remittances From 2019

South Korean bank Woori Bank plans to present commercialized, international remittances this year based on Ripple, a cryptocurrency powered remittance network, local news outlet ChosunBiz reports Friday, Mar. On the rear of a positive test transaction by its Digital Strategy Department following first tests in January, the bank is currently looking to present Ripple’s technology to its global remittances. The trial came into being as part of a Japanese based strategy involving Ripple and the SBI Group, with another 37 institutions participating in the remittance test. Of these, together with at least 23 more involved in testing Blockchain remittances, the vast majority are Japanese banks, given the well laid out, nature of Ripple’s network in Japan.

South Korea’s second largest bank Shinhan was also on board. Considering that the test results were good, there is lots of banks to be commercialized in Japan, a Woori official commented to ChosunBiz.
“Several banks, such as two or three megabanks and Internet professional banks, are pushing to introduce the practice.”
Ripple has seen a further successful month despite its own cryptocurrency asset XRP losing significantly versus all time highs of early January. In mid Feb, the company announced that Western Union was likewise seeking to use their technology to reduce the time and costs associated with its cross border transfers.