DeeMoney, a Thai-based fintech company, will be partnering with Ripple to secure faster cross-border money transfers, according to a press release from the group.
DeeMoney, which ensures people can send their money from Thailand to the rest of the world, would greatly benefit from Ripple’s blockchain technology.
Ripple’s blockchain, otherwise known as RippleNet, works with banks and other traditional fiat finance groups in transferring money internationally with low fees and wait times.
Interestingly, DeeMoney is the “first non-bank institution in Thailand to use RippleNet.”
This, of course, is useful during the time of crisis the world is facing. Coronavirus has spread to almost everywhere across the planet. Because of this, companies (like Coinbase) are having their employees work from home. DeeMoney partnering with Ripple ensures these employees can still be paid on time all around the world.
“DeeMoney provides same-day settlement into all Thai bank accounts, making it an effective pay-out partner for international remittance companies with volumes into Thailand. With RippleNet, the transfer process is more efficient for those sending money from the growing number of financial institutions, and at the best possible rates,” the release notes.
Speaking on the matter is Aswin Phlaphongphanich, the CEO of DeeMoney, who says:
“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.”