DeeMoney, a fintech company based in Thailand specializing in digital cross-border money transfers, has announced its platform is now processing live transactions, in partnership with Ripple, the enterprise blockchain solution for global payments.
Through RippleNet, Ripple’s global financial payments network which comprises more than 300 financial institutions worldwide; DeeMoney is providing more efficient international money transfers. DeeMoney is also the first non-bank institution in Thailand to use RippleNet.
It is estimated that there are around a million Thais working globally who are transferring money back home.
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. 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.
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.
“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.”
– Aswin Phlaphongphanich, CEO of DeeMoney