This article was first published on Insights – Ripple
For many years, South Korea’s $33 billion remittance market was controlled by the country’s banks. When new regulations allowed non-bank companies to enter the market in 2017, Cross Enf (formerly known as Coinone Transfer) partnered with SBI Ripple Asia, a joint venture between Ripple and SBI Holdings, to create Cross, South Korea’s first blockchain-based remittance service. Cross gives anyone access to real-time, cost-effective cross border payments but winning customer trust wasn’t easy.
“People were used to going to the bank to send money abroad,” explained Cross Enf’s Business Development Manager, Camille Jeong. “We are not a bank so we had to work hard to gain the trust of customers. The unique Ripple-powered benefits of our service and innovative marketing brought people in. Our superior customer experience kept them coming back and our retention rate is now more than 80%.”
Cross Enf’s primary target customer is foreign workers residing in Korea who need to send money home to their families. When banks held the monopoly on remittances, these migrants had no other option than to use the existing slow and expensive process.
“Global transfers were difficult for foreign workers,” recalled Jeong. “They had to go into the bank branch to request them, which was inconvenient especially for those living and working in rural areas. The payment could take as long as seven days to reach their family back home and the costs were really high, especially for the smaller value amounts typically sent by migrants.”
Improving Payments Through Trusted RippleNet Partnerships
In 2018, Cross Enf began working with SBI Ripple Asia to solve the problems with cross-border payments. RippleNet’s network of global financial institutions and payments services made it easy for Cross Enf to integrate with partners across the region.
“RippleNet connected us to financial institutions in Thailand, ...
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