DeeMoney, a fintech company based in Thailand specialising in digital cross-border money transfers, today announced its platform is now processing live transactions, in partnership with Ripple, the enterprise blockchain solution for global payments.
Through the RippleNet, Ripple’s global financial payments network, which comprises more than 300 financial institutions worldwide, DeeMoney is providing more efficient international money transfers at the lowest fees and best rates. DeeMoney is also the first non-bank institution in Thailand to use RippleNet.
DeeMoney is currently using RippleNet to process inbound payments into Thailand; namely between the prominent remittance corridors from South Korea, Indonesia, Singapore, Israel as well as the Middle East and Gulf regions. Currently, it is estimated that there are around a million Thais working globally who are transferring money back home.
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.
For the second phase of implementation, DeeMoney will leverage the RippleNet technology to facilitate outbound transfers from Thailand and to determine the best partner in destination countries for pay-outs.