Ripple announced a new partnership with Thailand-based fintech company DeeMoney. The partnership aims at cross-border payments and transactions. DeeMoney will use Ripplenet to facilitate global payments and transactions.
Cryptocurrencies Helping Fintech Industry
DeeMoney is a fintech company in Thailand that provides services for digital cross-border money transfers. The company is now using Ripple and its proprietary network, RippleNet to process global transactions. It is the first non-bank financial institution in Thailand to partner with Ripple.
Ripple claims the new partnership will provide more efficiency in global money transfers. Besides, Ripple always focuses on low fees as an advantage. The advantage now will help DeeMoney to do the transactions with lower cost for customers.
Lots of Thailand citizens work abroad and send their wages back home for families. Regions like SouthKorea, Indonesia, Singapore, Israel and Middle East host many Thais as workers. Deemoney currently uses RippleNet primarily to process inbound money into Thailand.
Customers can settle the payments the same day in all Thai bank accounts. So, many international remittance companies work with DeeMoney to transfer money into Thailand. Adding RippleNet to the transfer process means faster and more reliable transactions with fewer fees.
The new partnership is the second phase of using RippleNet in DeeMoney activities. It will use the Ripple mainnet for outbound transactions.
“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.”
Ripple is also excited with the new partnership because of new opportunities it will provide for RippleNet. The more institutions and users rely on RippleNet for transaction processing, the more banks and governments will believe in the benefits of cryptocurrency and underlying technology.