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Ripple strengthens its presence in Asia by partnering with Thai fintech company DeeMoney.
In a press release detailing the partnership, Ripple announced that DeeMoney is specializing in digital cross-border money transfer. The fintech is already providing a more efficient international money transfer at the lowest rates using Ripple’s global financial payments network, Ripplenet, which comprises over 300 financial institutions around the globe.
DeeMoney is using RippleNet to process inbound payments into Thailand from prominent remittance corridors like South Korea, Indonesia, Singapore, Israel, Middle East, and Gulf regions. There are around a million Thai working globally and they are sending their hard-earned money back home.
Also, DeeMoney offers same-day settlement in all Thai bank accounts making it an attractive pay-out partner for international remittances. With its partnership with RippleNet, sending money has become more affordable and secured.
“Ripple is currently at the forefront of technology and compliance regulations. Its technology provides a single, automated system that speaks the same way to all its 300 partners worldwide, 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,” said Aswin Phlaphongphanich, CEO of DeeMoney.
“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.”
DeeMoney will leverage RippleNet to facilitate outbound transfers from Thailand and determine the best partner in destination countries for payouts. Meanwhile, Ripple is happy to help Thailand become a Smart Nation by its partnership with DeeMoney.
“The digital banking revolution is taking Thailand by storm, and DeeMoney is a key player in this. 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,” said Marcus Treacher, SVP of Customer Success at Ripple.
Meanwhile, Ripple has already made two notable moves for its Asian expansion. It partnered with London-based remittance service Azimo to offer cheaper and faster payments in the Philippines. It also added three remittance companies in South Korea.
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