On Wednesday (March 18), Ripple announced via a blog post that Thai global remittance firm DeeMoney had become the first non-bank financial institution in Thailand to join RippleNet (Ripple's global payments network, which consists of more than 300 financial institutions worldwide).
Bangkok-headquartered DeeMoney has joined RippleNet so that it can cheaper and faster money transfers to its customers.
DeeMoney is currently only using RippleNet for the processing of payments to Thailand (from places such as "South Korea, Indonesia, Singapore, Israel as well as the Middle East and Gulf regions"). The next phase of the implementation willuse RippleNet for payments from Thailand to other countries.
Aswin Phlaphongphanich, CEO of DeeMoney, had this to say:
“Ripple is currently at the forefront of technology and compliance regulations. Its technology provides a single, automated system that speaks the same way to all its 300 partners worldwide, making it simple for our tech teams to integrate into our process.
"This helps to reduce manual work and intervention, which in turn reduces costs, of which the savings are passed to our customers.
"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.”
As for Marcus Treacher, SVP of Customer Success at Ripple, he stated:
“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."