Ripple is revealing a new partnership that’s off to a fast start in Thailand. The San Francisco payments company says it has teamed up with Thai fintech startup DeeMoney.
According to a press release, DeeMoney is actively using Ripple’s payment messaging system, designed to be a faster version of Swift, in order to process inbound payments to Thailand from South Korea, Indonesia, Singapore, Israel as well as the Middle East and Gulf regions.
“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.”
Ripple senior vice president of customer success, Marcus Treacher, says the partnership is a first for Ripple in the region.
“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.”
Ripple has a number of partners in Thailand, including a deal with Siam Commercial Bank (SCB) that began back in 2018. However, Ripple has not rolled out its XRP-powered remittance solution known as ODL in the region, and the company’s press release confirming the new partnership with DeeMoney does not mention the digital asset.
DeeMoney is now planning a wider roll out of Ripple’s payment messaging system. Phase two of the implementation will utilize Ripple’s technology to power outbound transfers to destination countries.
Featured Image: Shutterstock/Maquette.pro