Thai fintech firm DeeMoney partners with Ripple

• DeeMoney has partnered with Ripple to facilitate efficient international money transfers with low fees.
• The fintech firm is currently leveraging Ripple to process inbound payments into Thailand. 

DeeMoney, a fintech firm specializing in digital cross-border money transfers, has recently announced its partnership with Ripple. Through RippleNet, DeeMoney will be able to provide efficient international money transfers with low fees. RippleNet comprises of over 300 global financial institutions using Ripple’s technology to process payments. The fintech firm has become the first non-bank institution based in Thailand to use RippleNet.

The fintech firm is currently leveraging Ripple to process inbound payments into Thailand. This namely includes main remittance corridors from Indonesia, Singapore, South Korea, Isreal, Middle East and Gulf regions. Leveraging RippleNet will make the transfer process much more efficient for users remitting money from the increasing number of financial organizations and at the best possible rates. During the second phase of implementation, DeeMoney will use RippleNet to provide outbound transfers from Thailand and choose an ideal partner in destination regions for payouts.

Aswin Phlaphongphanich, CEO of DeeMoney, said:

ftogether, 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.

Marcus Treacher, SVP of Customer Success at Ripple, said:

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. Thailand has stated its intention to be a Smart Nation and we are proud to be an enabler of the process by partnering with DeeMoney.