Ripple and DeeMoney a noted fintech company based in Thailand, has become the country’s first non-bank firm to leverage RippleNet’s blockchain technology to facilitate instant money transfer to 300 financial institutions worldwide, according to a press statement released by the blockchain firm.
As the first non-bank institution in Thailand to sign on to RippleNet, DeeMoney already processes inbound transfers using the blockchain network along remittance corridors in the Middle East and Gulf Regions, South Korea, Indonesia, Singapore and Israel.
The value of remittances in Thailand is forecast to break the $1 billion mark in 2020, continuing a consistent uptrend from $623 million in 2018 and $850 million in 2019.
With a million Thai nationals currently estimated to be sending remittances back home, according to Ripple, the race to provide cross-border payments has driven banks and non-banks alike to establish lower-cost and faster international transfer channels for workers.
The company also detailed that in the second phase of the partnership, it will integrate RippleNet for outbound transfers from Thailand.
Mentioning the integration of blockchain, Aswin Phlaphongphanich, CEO of DeeMoney, said: “Ripple is currently at the forefront of technology and compliance regulations. Its technology provides a single, automated system…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.”