DeeMoney is already experienced in remittances and will now be able to process live transfers at the “lowest fees and competitive rates” thanks to RippleNet, Ripple’s global financial payment network.
DeeMoney also represents Ripple’s first non-bank entity in the world to use its RippleNet platform. The remittance business handles payments from South Korea, Singapore, and the Middle East primarily coming into Thailand. Ripple states:
It is reported that about a million Thais are currently employed internationally who are moving money back home.
The organization also plans to use RippleNet for Thais outbound transfers too. That will begin during the second implementation process. Aswin Phlaphongphanich, DeeMoney’s CEO, commented:
We are happy to partner with Ripple as we aim to democratize finance in Thailand by introducing a new level of efficiency and accessibility to and from the nation for cross-border transactions.
On his part, Customer Success SVP Marcus Treacher at Ripple said:
Thailand is taking the digital banking revolution by storm and DeeMoney is a key player in this. It redraws the boundaries and rules of engagement by offering efficient foreign transfers at low fees and reasonable rates by becoming the first non-bank institution in Thailand to use RippleNet.
Garlinghouse Considers Support to Customers as Crucial
Ripple CEO Brad Garlinghouse, taking to Twitter shortly after the release, considers the problems the world faces due to the COVID-19 pandemic.
He said the entire Ripple team is now operating from home but assured the organization will still support its customers. Today, more than ever, he said, we have to make sure that:
In a time they need it most, individuals will continue to send money home to their relatives.
It is important, in this unprecedented new age, that we do not neglect those in need. We @Ripple are doing whatever we can for our consumers across the globe to ensure that in a time they need it most, individuals can continue sending money home to their relatives.
While we deal with our current temporary truth, it’s inspiring to see that the cryptocurrency industry is still making progress. And that we can still make a difference for millions of people around the world even while working from here.
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