Ripple partners with payment company DeeMoney to handle Thai cross-border money transfer business

Ripple announced on the official blog that it has partnered with Thai payment company DeeMoney. Ripple said that this cooperation can add 1 million new users to Ripple. Through cooperation with DeeMoney, more than one million Thais working abroad can use the lowest cost Remit money back home. DeeMoney said that the company is a Thai fintech company specializing in transfers and remittances. It will process real-time transactions at low cost through RippleNet, a global payment network owned by Ripple, marking DeeMoney to be the first non-bank institution in Thailand to use RippleNet technology. , Will mainly handle remittance transfers from South Korea, Singapore, and the Middle East to Thailand. DeeMoney also plans to use RippleNet to implement Thailand’s outbound transfer function in the second phase of the partnership. DeeMoney CEO Aswin Phlaphongphanich said, “The goal of working with Ripple is to improve the efficiency of Thai cross-border transactions and democratize Thai finance.”