A payment app that is powered by Ripple has been launched in South Korea by Coinone, one of the largest crypto exchanges in the country.

Cross app to expand across Southeast Asia

Coinone Transfer, a subsidiary of the Korea-based crypto exchange Coinone has just launched a mobile payment app that makes use of Ripple’s technology. The new payment app dubbed Cross is now live in South Korea and makes use of Ripple’s cross-border payment technology xCurrent. By using this technology, the app would lower the cost involved in running it and increase the speed of transfers to Thailand and the Philippines.

This payment is the first one supported by blockchain technology in South Korea. Even though xCurrent is blockchain-based, it doesn’t make use of Ripple’s XRP token. Unlike other remittance options in South Korea, Cross does not rely on traditional banking rails. Instead, the platform would provide a safe alternative for those with or without a bank account, with an increase in payment transparency something that makes them more reliable.

Coinone Transfer launched the app through new financial institutions using RippleNet with the aim of aggressively expanding across the region over the coming months. They are partnering with Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines to expand the service across Southeast Asia very soon.

The partnership between Coinone Transfer and SCB will see the two companies work together to offer their customers a direct link to PromptPay, a service that makes it possible for any recipient with a bank account in Thailand to receive a payment directly and instantly.

Cross payment app needed in South Korea

The new platform is one of the first to be launched in the country following a change in South Korea’s remittance laws. The new regulations enable companies that aren’t banks to offer cross-border payment services in the country.

At the moment, South Korea has an estimated two million immigrant workers living in the country. This means that the need for improved remittance services like Cross is very strong in the country at the moment.