Thai fintech DeeMoney has deepened its integration with blockchain-based financial services network RippleNet
Ripple Cements Asian Presence Through Partnership With Thai Fintech DeeMoney
Thai fintech DeeMoney has deepened its integration with blockchain-based financial services network RippleNet, further consolidating Ripple’s presence in Asia.
As the first non-bank institution in Thailand to check in to RippleNet, DeeMoney already processes inbound transfers using the blockchain network along remittance corridors within the Middle East and Gulf Regions, South Korea , Indonesia, Singapore and Israel.
On March 18, Ripple and DeeMoney announced the second phase of their partnership to widen these services to support outbound remittances from Thailand to destination countries.
A major remittances market
The value of remittances in Thailand is forecast to interrupt the $1 billion mark in 2020, continuing a uniform uptrend from $623 million in 2018 and $850 million in 2019.
With 1,000,000 Thai nationals currently estimated to be sending remittances back home, consistent with Ripple, the race to supply cross-border payments has driven banks and non-banks alike to determine lower-cost and faster international transfer channels for workers.
Unlike banking institutions, Thai nonbanks like DeeMoney have faced more stringent regulatory requirements than their traditional counterparts, including specific licensing rules and daily transfer limits.
Last year, DeeMoney made a breakthrough in what remains faraway from A level playing field by becoming the primary and only nonbank provider in Thailand to secure special licenses from the financial institution . The new permits will allow it to broaden its cross-border money transfer, exchange and e-payment services.
DeeMoney CEO Aswin Phlaphongphanich said that both firms share the aim of democratizing finance in Thailand by making cross-border transactions more accessible and efficient for those without access to traditional services.
In the legacy banking sector, innovation through blockchain networks has been incremental, with Thailand’s oldest bank Siam full service bank last year retracting a tweet that it might begin to use Ripple’s XRP token. In January of this year, it then announced a collaboration with Ripple to make a mobile application for cross-border payments .
Ripple’s expansion
In February, Cointelegraph reported on Ripple’s consolidation in Asia via three new partnerships with South Korean money transfer and remittance companies. the corporate had previously made a milestone affect MoneyGram — the second-largest remittances firm worldwide — to bolster its global expansion.
Also in February, Ripple partnered with London-based remittance service Azimo to determine an on-demand liquidity corridor to the Philippines using Ripple’s native token, XRP, as a bridge currency. the answer is projected to scale back liquidity costs by up to 60%, as compared with traditional banking channels.
Thai fintech DeeMoney has deepened its integration with blockchain-based financial services network RippleNet, further consolidating Ripple’s presence in Asia.
As the first non-bank institution in Thailand to check in to RippleNet, DeeMoney already processes inbound transfers using the blockchain network along remittance corridors within the Middle East and Gulf Regions, South Korea , Indonesia, Singapore and Israel.
On March 18, Ripple and DeeMoney announced the second phase of their partnership to widen these services to support outbound remittances from Thailand to destination countries.
A major remittances market
The value of remittances in Thailand is forecast to interrupt the $1 billion mark in 2020, continuing a uniform uptrend from $623 million in 2018 and $850 million in 2019.
With 1,000,000 Thai nationals currently estimated to be sending remittances back home, consistent with Ripple, the race to supply cross-border payments has driven banks and non-banks alike to determine lower-cost and faster international transfer channels for workers.
Unlike banking institutions, Thai nonbanks like DeeMoney have faced more stringent regulatory requirements than their traditional counterparts, including specific licensing rules and daily transfer limits.
Last year, DeeMoney made a breakthrough in what remains faraway from A level playing field by becoming the primary and only nonbank provider in Thailand to secure special licenses from the financial institution . The new permits will allow it to broaden its cross-border money transfer, exchange and e-payment services.
DeeMoney CEO Aswin Phlaphongphanich said that both firms share the aim of democratizing finance in Thailand by making cross-border transactions more accessible and efficient for those without access to traditional services.
In the legacy banking sector, innovation through blockchain networks has been incremental, with Thailand’s oldest bank Siam full service bank last year retracting a tweet that it might begin to use Ripple’s XRP token. In January of this year, it then announced a collaboration with Ripple to make a mobile application for cross-border payments .
Ripple’s expansion
In February, Cointelegraph reported on Ripple’s consolidation in Asia via three new partnerships with South Korean money transfer and remittance companies. the corporate had previously made a milestone affect MoneyGram — the second-largest remittances firm worldwide — to bolster its global expansion.
Also in February, Ripple partnered with London-based remittance service Azimo to determine an on-demand liquidity corridor to the Philippines using Ripple’s native token, XRP, as a bridge currency. the answer is projected to scale back liquidity costs by up to 60%, as compared with traditional banking channels.
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