DeeMoney to Leverage Ripple’s Blockchain To Support Real-Time Cross Border Remittances
- DeeMoney launching live cross border remittances using Ripple’s Blockchain Technology.
- They will now be afforded Ripple’s Global Remittance network with over 300 actors in the Network.
- An estimated 1 million Thai’s living and working abroad make remittances to and from Thailand.
Reports have now surfaced that Thai based Fintech DeeMoney has just announced that their platform will now support live transactions. This has been enabled by their strategic partnership with Ripple the industry leader in Enterprise Blockchain solutions for global remittances. This has put them a notch above their Thai peers as they are the first non-institution to incorporate Ripple.
DeeMoney has been the focal point of Thai remittances and now the Ripple’s Global Remittances Network (RippleNet) will now afford DeeMoney over 300 strategic partners in Ripple’s fold across the globe. They will also be able to now offer efficient money transfers with competitive rates.
The platform offers same-day settlement making payouts in local customers’ accounts making it a partner of choice in Thailand by other cross border money transfer platforms.
Estimated 1 Million Thai’s living and working abroad
With an estimated over one million Thai citizens working and living abroad transferring their monies back to their mother country, DeeMoney will use RippleNet to effectively service clients in South Korea, Indonesia, Singapore, Israel and in the middle east and gulf regions.
The implementation of the second phase will prioritize on remittances made outside Thailand. The platform will then look for the most suitable money transfer in the region where the receiving client is based.
Aswin Phlaphongphanich, CEO of DeeMoney has expressed his excitement at working with RippleNet citing that they would be instrumental in ‘democratizing’ finance in Thai. He is particularly pleased with Ripple’s standard automated system across all their 300 partners which makes reduces the integration workload and costs.
“This helps to reduce manual work and intervention, which in turn reduces costs, of which the savings are passed to our customers.”
Ripple’s Senior VP of Customer Success, Marcus Treacher expressed how proud he was at Ripple’s crucial role in enabling Thailand’s dream of becoming a ‘Smart’ nation with that had started with DeeMoney. With Ripple’s Tech, DeeMoney will now be able to offer competitive prices with low fees he added.