Thailand-based fintech company DeeMoney has currently collaborated with RippleNet to process its global money transfers. Now RippleNet has been combined with the company’s systems to make inbound payments easier and faster.

First non-banking associate for Ripple

On Wednesday, DeeMoney declared that it had become the first Thai non-banking institution to ally with Ripple and utilize its blockchain-based solutions. They will start by using RippleNet to process inbound payments into Thailand from Israel, Middle East, Gulf region, Indonesia, Singapore, and South Korea. In the second phase of the collaboration, they will apply RippleNet to enable outbound cross-border transfers on their network.

DeeMoney CEO Aswin Phlaphongphanich reflected on the partnership and stated, “Ripple is currently at the forefront of technology and compliance regulations. Its technology provides a single, automated system making it simple for our tech teams to integrate into our process. This assists in reducing manual work and intervention, which in turn decreases costs, of which the savings are passed to our customers.”

He stated that DeeMoney is delighted to associate with Ripple as it intends to democratize the Thai finance industry. The association will help it bring more productivity in the market and bring more approachability for cross-border transactions.

Interest in cross-border payments

Ripple is presently operating with more than 300 banks and other financial institutions, causing the advantages of its blockchain solutions for cross-border transactions. It has a dominant presence in South-East Asian and Middle Eastern countries where it has quick and accessible remittance channels. The San Francisco based company is particularly engrossed in the Asian market, given the high volume of global remittances.

The company has already collaborated with Thai Siam Commercial Bank (SCB) to produce a mobile application that promotes cross-border payments immediately. Ripple SVP of consumer success Marcus Treacher stated that Thailand is enduring a digital banking revolution. He replied that by becoming the first non-bank institution to utilize RippleNet in Thailand, DeeMoney is supporting to redraw the boundaries of the world of finance.

It allows international money transfers at more competitive rates. Thailand has already made its plan to become a Smart Nation clear, and Ripple could facilitate that process with its DeeMoney partnership.