DeeMoney Taps Ripple To Bring Thailand Faster, Affordable Cross-Border Remittances

A Thai Fintech company, DeeMoney is partnering with Blockchain remittance firm Ripple to bring its users faster and cheaper cross-border money transfers.

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.

Same-day Settlements

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

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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.

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