The Ripple platform has partnered with Thai fintech DeeMoney, which has already put in place its international transfer program through the RippleNet blockchain.
According to a statement on Thursday (19), DeeMoney is the first non-bank financial company in Thailand to use a blockchain system for cross-border payments.
According to the note, through its parent company, DeeMoney obtained approval from the Thai central bank to operate. The company is already processing transactions in real time.
The highlight in sending remittances is to countries in Asia and the Middle East. Among them are South Korea, Indonesia, Singapore and Israel.
"Today, it is estimated that there are about 1 million Thais working globally who transfer money to their home country," says the note.
"For the second phase of implementation, DeeMoney will take advantage of RippleNet technology to facilitate outbound transfers from Thailand and determine the best partner in the destination countries for payments," adds the statement.
Ripple in Thailand
According to DeeMoney CEO Aswin Phlaphongphanich, Ripple is at the forefront of technology and compliance regulations. According to him, a differential in the company is to treat all 300 partners worldwide democratically.
"We are excited about this partnership with Ripple, because together we aim to democratize access to financial services in Thailand, bringing a new level of efficiency and accessibility for transactions between countries and for our nation," he commented.
Marcus Treacher, senior vice president of customer success for Ripple, said that fintech is changing Thailand. As a pioneer in blockchain in the country, he believes the company has a key role in the ecosystem.
"Thailand has declared its intention to be a 'Smart Nation' and we are proud to be a facilitator in the process by partnering with DeeMoney," said Treacher.
Focused on facilitating faster and cheaper cash transfers, DeeMoney developed a platform for mobile devices and focused on regional partnerships.
The company is also the first in Thailand to introduce a limited fixed rate in Thai baht (THB), the country's currency. With that, the recipient gets the exact amount sought and without additional deductions.
Ripple and RippleNet
RippleNet is a blockchain system that allows instant international transfers via Ripple's native token, XRP. In addition, it has a real-time gross settlement system.
The XRP, in turn, maintains the position of third cryptocurrency with the highest market value (US $ 7 billion), behind only Bitcoin (US $ 114 billion) and Ethereum (US $ 14 billion).
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