Thai Fintech Firm Joins Ripple’s RippleNet for Cross-Border Payments

DeeMoney, a Thailand-based financial technology solutions provider that facilitates cross-border payments and remittances for users, has joined RippleNet, the blockchain-based payments network from the stables of Ripple. DeeMoney will now be able to process more efficient money transfers with meager fees, according to a blog post on March 18, 2020.

Ripple Get New Thai Partner

In a bid to help its users to facilitate more efficient cross-border payments and remittances with very low fees, DeeMoney, a Thailand-based fintech startup has joined the distributed ledger technology (DLT) bandwagon via Ripple.

As stated in a Ripple blog post, DeeMoney has joined RippleNet, the blockchain-powered financial payments network that has already attracted more than 300 financial institutions across the globe and counting.

By joining RippleNet, DeeMoney will now be able to process lightning-fast international payments and remittances at the lowest fees and best rates, and the firm has now entered the history books as the firm non-bank institution in Thailand to tap RippleNet.

RippleNet for Inbound Payments

With the integration of RippleNe into its processes, DeeMoney is now able to process inbound payments and remittances into Thailand from major remittance corridors like South Korea, Indonesia, Israel, and more.

The team says DeeMoney currently offers users same-day settlement into all Thai bank accounts and the integration of Ripple’s blockchain solution will further make the process of money transfers as seamless and cost-efficient as possible.

Although DeeMoney only facilitates inbound transfers at the moment, the firm has hinted that in the near future it plans to leverage RippleNet for outbound money transfers from Thailand to other countries.

Commenting on the integration of RippleNe into its operations, Aswin Phlaphongphanich, CEO of DeeMoney expressed his excitement over the milestone, adding that the move is a major step towards its goal of democratizing finance in Thailand, “by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.”

Marcus Treacher, SVP of Customer Success a Ripple said:

“The digital banking revolution is taking Thailand by storm, and DeeMoney is a major 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.”

In related news, earlier in January 2020, BTCManager informed that Thailand’s Siam Commercial Bank has launched a mobile banking app that uses Ripple’s technology to process cross border payments for clients.