Ripple partners with DeeMoney to revolutionize cross-border money transfers immediately at cheaper price
DeeMoney is Thailand’s first non-bank company that uses RippleNet of Ripple Blockchain to help transfer money to 300 financial institutions worldwide.
Through our partnership with DeeMoney, over 1 million Thais working globally can now transfer money back home at the lowest fees and best rates. https://t.co/b68mJ29vW2
— Ripple (@Ripple) March 19, 2020
Ripple partners with DeeMoney to revolutionize cross-border money transfers
DeeMoney, a fintech specialist in international money transfers, announces the release of Ripple’s money transfer service, the Blockchain solution for payment. Through the RippleNet network, Ripple’s global money transfer network of more than 300 financial institutions around the world. Today, DeeMoney is the first non-bank company in Thailand that uses RippleNet to provide more efficient cross-border money transfer services, with a fee that is cheaper than other brands in the market.
DeeMoney uses RippleNet to receive the money transferred into Thailand through primary payment methods from South Korea, Indonesia, Singapore, Israel, the Middle East, and the Persian Gulf region. Currently, over a million Thai people are working all over the world that needs to transfer money back home.
DeeMoney can now deposit money into accounts in all Thai banks on the same day. It is a way for cross border payment business partners that have a high transfer amount to do business more conveniently in Thailand. With RippleNet, the money transfer process for money transfers of an increasing number of financial institutions. More efficient at the lowest exchange rate possible
For the second phase, DeeMoney will leverage RippleNet technology to transfer money out of Thailand and to select the most suitable partner to transfer money to various target countries.
Aswin Palaphongpanich, Chief Executive Officer of DeeMoney, stated:
“Currently, Ripple is at the forefront of technology and regulations. Ripple’s technology is the only automated system that communicates with 300 partners through the same method worldwide. We are excited to work with Ripple to create equality in the financial system in Thailand. By enhancing the efficiency and access to cross border money transfers, both in and out of the country.”
Marcus Treacher, SVP of Customer Success at Ripple, was also among those who welcomed the development.
“The digital banking revolution is taking Thailand by storm, and DeeMoney is a key player in this. By being the first non-bank institution in Thailand to use RippleNet, it redraws the boundaries and rules of engagement by providing efficient international transfers at low fees and competitive rates.”
Marcus Treacher, SVP of Customer Success at Ripple
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