Thailand-based Fintech company, DeeMoney has partnered with blockchain-based remittance company, Ripple for faster and cheaper cross-border money transfers.

Through this partnership, DeeNet will be using RippleNet to process inbound payments into Thailand. The company processes transactions between Thailand and the prominent remittance corridors from South Korea, Indonesia, Singapore, Israel, The Middle East and Gulf regions.

DeeMoney provides settlement to all Thai bank accounts on the same day, making it an effective payout partner for cross-border remittance companies. With RippleNet, the transaction process will be more efficient, and at the best possible rates. During the second phase of implementation, DeeMoney will utilize RippleNet to facilitate outbound transfers from Thailand and determine the best partner for payouts.

According to the CEO of DeeMoney, Aswin Phlaphongphanich, Ripple’s technology provides a single, automated system that speaks the same way to all its 300 partners worldwide. He said this partnership will enable both partners to democratize finance in Thailand. He added that it will bring a new level of efficiency and accessibility for cross-border transactions to and from Thailand.

Marcus Treacher, SVP of Customer Success at Ripple said DeeMoney is a key player in the digital banking revolution in Thailand. Being the first non-bank institution in Thailand to use RippleNet, Treacher claims it redraws the boundaries and rules of engagement.