DeeMoney, a Thailand-based fintech company, has integrated RippleNet to process its cross border money transfers.
Announced on Wednesday, the Thai company has become the first non-banking institution in the country to use Ripple’s blockchain-based solutions.
Initially, the fintech company is only using RippleNet to process inbound payments into Thailand from various countries, including South Korea, Indonesia, Singapore, Israel, and the Middle East and Gulf regions.
The company also detailed that in the second phase of the partnership, it will integrate RippleNet for outbound transfers from Thailand.
Mentioning the integration of blockchain, Aswin Phlaphongphanich, CEO of DeeMoney, said: “Ripple is currently at the forefront of technology and compliance regulations. Its technology provides a single, automated system…making it simple for our tech teams to integrate into our process. This helps to reduce manual work and intervention, which in turn reduces costs, of which the savings are passed to our customers.”
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“We are excited to partner with Ripple as, together, we aim to democratize finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.”
Capturing the cross-border payments market
Ripple has onboarded over 300 banks and financial institutions to its blockchain solution’s umbrella.
The California-headquartered company is aggressively penetrating the Asian market, tapping the prominent global remittance corridors.
Earlier, Ripple also partnered with Thai Siam Commercial Bank (SCB) for the development of a mobile application facilitating instant cross-border payments.
“The digital banking revolution is taking Thailand by storm, and DeeMoney is a key player in this,” Marcus Treacher, SVP of customer success at Ripple, added. “By being the first non-bank institution in Thailand to use RippleNet, it redraws the boundaries and rules of engagement by providing efficient international transfers at low fees and competitive rates. Thailand has stated its intention to be a Smart Nation and we are proud to be an enabler of the process by partnering with DeeMoney.”