DeeMoney, a Thai fintech firm that handles digital cross-border money transfers has announced its newest partnership with Ripple. Which makes it the first Thai non-bank financial institution to use RippleNet.
As the latest addition to RippleNet, with over 300 financial institutions worldwide, DeeMoney will have access to a network that will allow it to transact at the lowest fees in the industry.
The firm’s main remittance corridors are: South Korea, Indonesia, Singapore as well as the Middle East and Gulf regions. Additionally, they offer same-day bank account settlement which will massively improve the customer’s experience as everything will be done digitally at very high speed and efficiency.
“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”.