Wednesday, September 23, 2020
No menu items!
  • News
  • XRP News
  • Contact Us
More

    DeeMoney Partners With Ripple to Power Faster and Cost-Efficient Cross-Border Money Transfer

    Must Read

    Ripple Co-Founder Chris Larsen Moved about 500,000,000 XRP worth $116 Million to Unknown Wallet

    According to Whale Alert, the tracker of large cryptocurrency transactions, the co-founder and Executive Chairman of Ripple, Chris Larsen,...

    Ethereum Analytics Platform Raises $2 Million in a Funding Round

    A community-driven analytic platform that provides data tools for the Ethereum network, Dune Analytics, has reportedly raised $2 million...

    Federal Banks Are Now Free To Hold Reserve Currencies for Stablecoins, Says US Regulator

    According to an interpretive letter released from the United States Office of Comptroller of the Currency, federal banks are...
    Avatar
    Solomon Odunayo
    Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.




    DeeMoney, a fintech company based in Thailand that specializes in digital cross-border money transfers has recently announced its partnership with Ripple, the blockchain tech based in the United States, to power faster and cost-efficient cross-border money transfer.

    According to the report, through Ripple’s partnership with DeeMoney using RippleNet, over 1 million Thais working globally can now transfer money back home at the lowest fees and best rates.

    The report also stated that DeeMoney is the first non-bank institution in Thailand to use RippleNet. The Thailand-based fintech company presently uses RippleNet to process inbound payments into the country.

    These remittance corridors are South Korea, Indonesia, Singapore, Israel, including the Middle East and Gulf regions.

    All transactions effected via DeeMoney are processed and settled within 24 hours into all Thai bank accounts, making it an effective pay-out partner for international remittance companies with volumes into Thailand.

    Using RippleNet, the efficiency of transfers has improved for those sending money from the growing number of financial institutions.

    Regarding the second phase of implementation, DeeMoney will use RippleNet to facilitate outbound transfers from Thailand and determine the best partner in destination countries for payouts.

    Reacting to the partnership with Ripple, Aswin Phlaphongphanich, the CEO of DeeMoney said, “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.”

    SVP of Customer Success at Ripple, Marcus Treacher also reacted as follows;

    “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.”




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Ripple Co-Founder Chris Larsen Moved about 500,000,000 XRP worth $116 Million to Unknown Wallet

    According to Whale Alert, the tracker of large cryptocurrency transactions, the co-founder and Executive Chairman of Ripple, Chris Larsen,...

    Ethereum Analytics Platform Raises $2 Million in a Funding Round

    A community-driven analytic platform that provides data tools for the Ethereum network, Dune Analytics, has reportedly raised $2 million in a seed funding round. According...

    Federal Banks Are Now Free To Hold Reserve Currencies for Stablecoins, Says US Regulator

    According to an interpretive letter released from the United States Office of Comptroller of the Currency, federal banks are now free to hold reserve...

    Tron Foundation and Unknown Whales Moved 3.5 Billion TRX within One Hour

    According to Whale Alert, the tracker of large transactions of cryptocurrency from one wallet to another, Tron Foundation and unknown crypto whales moved about...

    Binance Reveals What Prevents Traditional Brokers from Offering Crypto Services

    Binance, the arguably largest cryptocurrency exchange by trading volume, has revealed the major prevention of traditional brokers from offering crypto services. This was revealed in...

    More Articles Like This