Thai Fintech DeeMoney Partners with Ripple for Cross Border Money Transfersby Fintech News Singapore March 23, 2020
DeeMoney, a fintech company based in Thailand specializing in digital cross-border money transfers, today announced its platform is now processing live transactions, in partnership with Ripple. DeeMoney is the first non-bank institution in Thailand to use RippleNet.
As recent as January, Ripple has also successfully secured a partnership with Thai-based Siam Commercial Bank. Aside from Thailand they are also seeing success in other South East Asian countries where they have secured partnerships with Philippines’ based Azimo, and Malaysia based MoneyMatch and CIMB Bank.
The Thai startup is currently using RippleNet to process inbound payments into Thailand; namely between the remittance corridors from South Korea, Indonesia, Singapore, Israel as well as the Middle East and Gulf regions. Currently, it is estimated that there are around a million Thais working globally who are transferring money back home.
DeeMoney provides same-day settlement into all Thai bank accounts, making it an effective pay-out partner for international remittance companies with volumes into Thailand. With RippleNet, the transfer process is more efficient for those sending money from the growing number of financial institutions, and at the best possible rates.
For the second phase of implementation, DeeMoney will leverage RippleNet to facilitate outbound transfers from Thailand and determine the best partner in destination countries for payouts.
“Ripple is currently at the forefront of technology and compliance regulations. 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,”
said Aswin Phlaphongphanich, CEO of DeeMoney.
“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.”
“The digital banking revolution is taking Thailand by storm, and DeeMoney is a key player in this. 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,”
said Marcus Treacher, SVP of Customer Success at Ripple.