DeeMoney, a fintech firm based in Thailand, recently integrated RippleNet into its platform to help it process cross border payments. According to the announcement, this would make it the first non-banking firm in Thailand to integrate Ripple’s blockchain solutions into its operations.
The company has already been working with Ripple. However, it was only using RippleNet to process inbound payments from nations such as Indonesia, South Korea, Middle East, Israel, and the Gulf region. In the second phase of its interactions with RippleNet, it will use the network for outbound payments.
What the Company CEO Had to Say
According to the DeeMoney CEO, Ripple is a perfect partner since it is an industry leader when it comes to payments technology and regulatory compliance. He added that Ripple’s ability to provide a single automated system made it easy for their tech team to integrate RippleNet into their processes. Consequently, they have cut back on manual interventions, which help to cut costs. These cost savings are then passed on to their customers.
The CEO added that through the Ripple partnership, they were hoping to democratize Thailand’s financial sector. They would achieve this by offering a new level of accessibility and efficiency for international monetary transfers.
Ripple and Cross-Border Payments
Ripple has been aggressively pursuing the cross-border payments market. Over 300 banks and financial firms have signed up for its blockchain-powered financial solutions. The company, whose HQ is in California, is currently focused on Asia. It wants to play a key role in the Asian remittances market, which is one of the largest globally. For instance, Ripple entered into a deal with Siam Commercial Bank, which is based in Thailand, for the development of a mobile app to allow instant cross-border transactions.
While commenting on the DeeMoney deal, the SVP of customer success at Ripple said that digital banking was growing rapidly in Thailand. He noted that DeeMoney was in a special position, as it was the first non-bank firm in Thailand to use RippleNet. The SVP added that Thailand was committed to being a smart nation and Ripple was happy to be part of that transformation.