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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), 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.
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. “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.
“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,” said Subash Chandra Poudel, Director and COO at Global Money Express Co. Ltd. “This engagement will help both companies achieve real-time, low-cost payments across regions, currencies, and systems.”
