Cryptocurrencies had a great year in 2021. In this period, we have seen the market go from being classified as a billion-dollar economy into a trillion-dollar economy. Aside from that, cryptocurrencies are gaining visibility in the mainstream world with, for example, El Salvador's adoption of Bitcoin as the official digital currency. As a result, investors are looking for the "new Bitcoin" on the market, hoping to find a great alternative in so-called altcoins. Unfortunately, many traders value an altcoin exclusively…
The collaboration will see DeeMoney use RippleNet to facilitate international payments coming into Thailand. The company handles transactions between Thailand and its key remittance corridors of South Korea, Singapore, Indonesia, Israel, The Middle East, and the Gulf regions.
Additionally, DeeMoney will carry out same-day settlements to Thai bank accounts, making it every cross border remittance company’s go-to payout partner. Through RippleNet, the firm will not only streamline the transaction process but also offer the best rates possible.
In the second phase of implementation, DeeMoney will use RippleNet to enable outbound transfers. Again it will find the best partner(s) for payouts.
Aswin Phlaphongphanich, DeeMoney’s CEO, says that Ripple’s technology provides one automated system that communicates similarly with all of its 300 partners worldwide.
He reiterated that the partnership would enable both partners to democratize Thailand’s financial sector. He expressed confidence that the relationship will enhance the efficiency and accessibility of cross-border payments going into and from Thailand.
DeeMoney Redesigning the Rules of Engagement
On his part, Ripple’s Marcus Treacher, SVP of Customer Success said DeeMoney is an essential player in the digital banking revolution occurring in Thailand. Mr. Treacher holds that by being the first non-bank institution in the nation to use RippleNet, DeeMoney was redesigning the scope and engagement rules.