Thailand’s DeeMoney Using Ripple’s Blockchain Payment Network For Faster And Cheaper Money Transfers

FinTech company DeeMoney has teamed with blockchain firm Ripple to provide more efficient international money transfers at lower fees.

Based in Thailand, DeeMoney specializes in digital cross-border money transfers. It provides same-day settlement into all Thai bank accounts, making it an effective pay-out partner for international remittance companies with volumes into Thailand.

Ripple is a real-time gross settlement system, currency exchange and remittance network. Its payment network, RippleNet, makes it easy for its diverse network of more than 300 financial institutions worldwide to enable faster, lower-cost payments around the world. RippleNet members can use the Ripple software to leverage XRP to improve liquidity, which is critical to global payments.

DeeMoney is currently using RippleNet to process inbound payments into Thailand; namely between the prominent remittance corridors from South Korea, Indonesia, Singapore, Israel as well as the Middle East and Gulf regions. With RippleNet, DeeMoney said that the transfer process is more efficient for those sending money from the growing number of financial institutions, and at the best possible rates.

“Ripple is currently at the forefront of technology and compliance regulations,” said Aswin Phlaphongphanich, CEO of DeeMoney. “Its technology provides a single, automated system that speaks the same way to all its 300 partners worldwide, making it simple for our tech teams to integrate into our process. This helps to reduce manual work and intervention, which in turn reduces costs, of which the savings are passed to our customers. We are excited to partner with Ripple as, together, we aim to democratize finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.”

According to DeeMoney, for the second phase of implementation, they will use RippleNet to facilitate outbound transfers from Thailand and determine the best partner in destination countries for payouts.

“The digital banking revolution is taking Thailand by storm, and DeeMoney is a key player in this,” said Marcus Treacher, SVP of Customer Success at Ripple. “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 and competitive rates. Thailand has stated its intention to be a Smart Nation and we are proud to be an enabler of the process by partnering with DeeMoney.”