RippleNet Expands Access to Cross-Border Payments in the Asian Market with Thai FinTech Partnership
Nicholas Otieno Mar 20, 2020 06:30
Thailand-based fintech company DeeMoney has joined RippleNet to process more efficient money transfers with competitive rates and low fees for all of Asia.
A Thai FinTech startup, DeeMoney, specializing in remittances and cross-border payments for users, has partnered with RippleNet for global payment. Bangkok-headquartered DeeMoney has joined hands with RippleNet to enable it to process faster and cheaper money transfers to its customers.
New Partnership to Support Fast Cross-Border Payments
Through RippleNet, an enterprise blockchain-based payment solution provider, which already has attracted over 300 financial institutions across the world payments network, DeeMoney is offering more efficient international money transfers at the best rates and lowest fees. DeeMoney is the first non-bank institution in Thailand to make use of Ripple’s blockchain-based solutions.
The competition to offer cross-border payments has driven non-banks and banks to introduce faster and lower-cost international transfer channels for workers. Via RippleNet ,the Thai FinTech Start-up can process inbound payments into Thailand from various nations, including Indonesia, Middle East and Gulf regions, Israel, South Korea, and Singapore. It is currently estimated that there are about a million Thai nationals working globally who are transferring money back home. The company plans in the near future to leverage RippleNet for outbound transfers from Thailand to other countries.
Marcus Treacher, Senior Vice President of customer success at Ripple, stated that the digital banking revolution is a significant trend taking Thailand by storm and recognized DeeMoney as a major player in this revolution. He elaborated that by using RippleNet payment solutions, DeeMoney redefines the rules and boundaries of engagements by offering efficient international transfers at low transaction fees.
Ripple Keen on Global Expansion
Ripple, the California-headquartered firm, is aggressively focused on its global expansion in the Asian market by making major moves along remittance corridors in Vietnam, Japan, South Korea, Singapore, and the Philippines.
Ripple partnered with Azimo, London-based remittance service, to provide cheaper and faster payment in the Philippines. Furthermore, Ripple joined hands with three remittance firms (WireBarey, Hanpass, and Sentbe) in South Korea to process money transfer real fast in the neighboring countries. Ripple also entered Japan and Vietnam markets to make efficient cross-border money transfer to clients.
The recent partnership with DeeMoney enables Ripple to continue positioning itself as a leader in cross-border crypto payments. The new development aims to support payments in the Asian market as both Ripple and DeeMoney focus on building capacity and ensuring that they expand their presence.
Image via Shutterstock
Image source: Shutterstock
