A Thailand based fintech company DeeMoney specialized in digital cross-border money transfers announced today its platform started processing live transactions in partnership with Ripple.

The DeeMoney offers same-day transactions into all Thai bank accounts.

With the second phase of execution, the DeeMoney will backend RippleNet to enable outbound transfer from Thailand and will prove the best partner in target countries for payouts.

A Thailand based fintech company DeeMoney specialized in digital cross-border money transfers announced today its platform started processing live transactions in partnership with Ripple.

DeeMoney to be the first non-bank organization to use RippleNet in Thailand

Ripple is the blockchain solution built for enterprise use. It is the cost-effective cryptocurrency used for global payments. The RippleNet is a Ripple’s global financial payments network and makes DeeMoney the first non-bank organization to use RippleNet in Thailand.

To process inbound payments into Thailand, DeeMoney is currently using RippleNet. Specifically, the major payment gateway from South Korea, Indonesia, Singapore, Israel, the Middle East, as well as the Gulf regions.

It is estimated that over a million Thais who are working globally, transfer money back home. It offers same-day transactions into all Thai bank accounts. This makes it an efficient payment partner for global remittance companies.

The transfer process is more competent with RippleNet for those who send money from various financial organizations with the promising rates.

With the second phase of execution, the DeeMoney will backend RippleNet to enable outbound transfer from Thailand and will prove the best partner in target countries for payouts.

Ripple-Deemoney: Democratizing finance in Thailand

The CEO of DeeMoney Aswin Phlaphongphanich said that Ripple is leading from the front of technology and compliance regulations. Its technology offers a single automated that is the same for all its 300 partners globally, which makes it simple for the technical team to link into the process.

This ultimately benefits to decrease manual work and interference, which results in cost reduction, and the savings are transferred to the company’s customers.

He further added that t is an excellent opportunity to work with Ripple as this partnership is aimed to democratize finance in Thailand by giving a new version of competence and availability for cross border transactions across the nation.

Marcus Treacher, SVP of Customer Success at Ripple, notified that digital banking is booming the financial market of Thailand, and DeeMoney is the prominent entity in this platform. By becoming the first non-bank institution to use RippleNet, it reforms the limitations and rules of commitment by offering efficient global transactions at very low fees and competitive rates.

With this step, Thailand has indicated its aim to be a Smart Nation, and Ripple feels honored to be partnered with DeeMoney.