Ripple continues its expansion by partnering with a Thailand-based fintech company called DeeMoney. The latter will utilize Ripple’s global financial payments network, RippleNet, for more efficient, faster, and cheaper international money transfers.
Ripple announced its newest partnership yesterday. DeeMoney is based in Thailand and specializes in digital cross-border money transfers. The fintech company will use RippleNet to process inbound payments into Thailand.
More specifically, the payments are initiated from Israel, Indonesia, Singapore, South Korea, the Middle East, and the Gulf region. According to the statement, more than a million Thais are working in those areas and are transferring lots of money back home.
By utilizing RippleNet, DeeMoney will provide payment settlements on the same day to all Thai bank accounts. The transfers for those sending the money will be more efficient and will come at a lower cost.
Later on, the partnership between the two companies will result in outbound transfers from Thailand to other countries, as well.
Aswin Phlaphongphanich, CEO of DeeMoney, commented on the partnership, saying that Ripple’s multinational payments service simplifies the whole process:
“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 the costs, of which the savings are passed to our customers.”
Aside from DeeMoney, the company behind the third-largest cryptocurrency by market cap (XRP), recently made another partnership in Thailand. Ripple went into business with the country’s oldest bank, Siam Commercial Bank. The large banking institution will create an application running on Ripple, called SCB Easy. The app will be primarily used for low-cost cross-border payments.
The company is also developing relationships outside of Thailand. Back in February, Ripple partnered up with a U.K.-based digital money transfer service company, Azimo. The latter is now leveraging RippleNet’s ODL to send faster and cheaper cross-border payments to the Philippines.
Egypt’s National bank also declared that it would use the blockchain-based payments network RippleNet to implement remittance payments.