Sudipto Ghosh
Global Money Express Co. to strengthen its global payments presence through Roxe’s blockchain technology
Roxe, a blockchain-based payments company that is powering the next generation of payment solutions, today announced a strategic partnership with GME (Global Money Express Co., Ltd). GME is the first non-bank money transfer company and payment service provider in South Korea. By utilizing Roxe’s technology and the Roxe Instant Settlement Network (RISN), GME will generate value for end customers by removing barriers of time, geography, and currency.
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The most significant retail trend fueled by the pandemic has been the continued rise of e-commerce, specifically in the Republic of Korea, which ranked the 5th largest in the world and 3rd largest in the Asian-Pacific region in 2020. Driven by accelerated growth, e-commerce players continue to explore the new technology that can create a convenient and reliable payment process, which helps ensure that customers shop more frequently at online stores. RISN enables partners to provide their customers with speed and cost-efficiency as users send cross-border transactions.
Roxe’s blockchain platform mints a new block every 0.5 seconds, so transactions settle within seconds. While the global average to send a cross-border payment costs 6-7% of the sent amount, Roxe aims to charge around 1% of the sent amount to its partners on most corridors.
“With the rising popularity of South Korea’s entertainment industry globally, the US to South Korea cross-border payments corridor is also growing in importance,” said Maodong Xu, CEO of Roxe.
Maodong added, “Roxe is excited to partner with GME to enable our banks and payment partners to send speedy and cost-efficient payments to this key new market. Although Roxe’s growing network covers many APAC countries, GME brings a unique strength to the Roxe network for the South Korean market.”
GME joins Roxe’s rapidly growing network, enabling users to send and receive payments from 113 countries around the world. Roxe has doubled the number of partners over the past 6 months, now supporting 40 globally.
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Subash Chandra Poudel, Director and COO at Global Money Express Co. Ltd. added, “GME is delighted to have this partnership with Roxe which facilitates funds movement via its global network of central banks, payment companies, remittance providers, and consumers. This engagement will help both companies achieve real-time, low-cost payments across regions, currencies, and systems.”
Currently, GME, the first Non-Bank Money Transfer Service Provider, mobile applications have been downloaded by over a million customers and it was the first Remittance company in Korea to implement Mobile Application based remittance services to 186 countries. The company is also a local Payment Service Provider that works with Marketplaces, Global PSPs to facilitate Cross Border Payments to Domestic and Foreign Merchants. In addition to its role as an Aggregator, the company offers various payment and collection methods. The company is stepping up to bring about an Innovative Cross Border Platform to Local and Foreign Vendors, Merchants in the payment space. GME ensures to deliver the best practice solutions when it comes to B2B experiences to its Clients. It plans to disrupt the Korean Payment Market with its innovative Business solutions.
Roxe is a next-generation, global payment network. Roxe uses blockchain technology to unify fragmented global payment systems so that payment and remittance companies, digital asset exchanges, stablecoin issuers, banks, and consumers can make the fastest, least expensive, and most reliable payments anywhere in the world. The company’s smart payment technology automatically uses the best route for the lowest-cost payments. Roxe is designed to be the fundamental component of the global payments industry and is compatible with any traditional and digital financial system. Roxe payment network consists of a B2B infrastructure, Roxe Instant Settlement Network (RISN), and a decentralized consumer payments app, Roxe Pay.
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