Digital Currency Series: Ripple Partners With DeeMoney To Target Thailand For Swifter & Efficient Overseas Payments

Ripple is renowned among the banking community as its edge to transact overseas payments swiftly and efficiently is perceived as a competitive advantage, however, the banks have the current SWIFT mechanism (Society of Worldwide InterBank Financial Telecommunications) in place that seems unlikely to lose their importance in the industry so easily.

Ripple has now announced a fresh partnership with the Thai fintech start-up DeeMoney.

DeeMoney is extensively deploying Ripple’s payment mechanism, designed & developed to be more Swifter exclusively targets inbound payments to Thailand from South Korea, Indonesia, Singapore, Israel as well as the Middle East and Gulf regions.

DeeMoney renders service of intra-day settlement option into all Thai bank accounts, making it an effective pay-out partner for international remittance companies with volumes into Thailand.

“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.

As stated before in our recent post, Ripple's intentions to expand their venture in South American region, especially with Brazilian and Mexican banks for the people engaged in remittance market, Ripple made partnership deal with International Money Express, Inc. (Intermex) (NASDAQ: IMXI) which is a leading money remittance services company entrusted primarily on the Latin America and Caribbean corridor as the demand for remittance market by 2020 for instant and cheap solutions in these regions grows rapidly.

Ripple recently announced that it has invested in Bitso, which is happens to be Mexico's largest cryptocurrency brokers, with an objective of expanding operations in Latin America region with a prime concentration on emerging economies like Brazil and Argentina and that too exclusively into remittance space.

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