Despite the coronavirus chaos going on around the world, Ripple continues to forge on. According to a recent announcement, the blockchain payments company has teamed up with Thailand’s DeeMoney to foster faster international remittances for Thais.
Ripple currently boasts over 300 RippleNet customers. DeeMoney becomes the latest company to use Ripple’s payment network, RippleNet.
Ripple Announces Partnership With DeeMoney
Ripple announced a new partnership with Thailand-headquartered fintech firm, DeeMoney on March 18. With this partnership, DeeMoney will be using RippleNet to provide low-cost and superfast international payments to people in Thailand.
More than one million Thais working abroad are now able to transfer money back home via payment corridors between Thailand and South Korea, Indonesia, Singapore, Israel, the Middle East, and the Gulf regions, for the first phase of the implementation.
Notably, this new partnership comes as coronavirus fears persist. In fact, Ripple CEO Brad Garlinghouse recently revealed that Ripple employees are now working from home in a bid to stay safe while still supporting their customers.
Per the Ripple announcement, DeeMoney offers same-day settlement to all Thai bank accounts. By utilizing RippleNet, these transfers are highly efficient and are at the “best possible rates”.
For the second phase, DeeMoney will utilize RippleNet for outbound transfers from Thailand after they identify the most ideal partners in the respective destination countries.
The CEO of DeeMoney Aswin Phlaphongphanich had this to say regarding the partnership with Ripple:
“We are excited to partner with Ripple as, together, we aim to democratize finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.”
Marcus Treacher, the SVP of Customer Success at Ripple also commented on the partnership, commending Thailand for its efforts to become a smart nation by embracing digital banking.
“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. Thailand has stated its intention to be a Smart Nation and we are proud to be an enabler of the process by partnering with DeeMoney.”
Ripple Hires Expert For Its Southeast Asia Expansion Efforts
Thailand is just one of the Asian Pacific nations that Ripple hopes to capture in the near future. The fintech company behind the world’s third most valuable cryptocurrency, XRP, recently hired a seasoned executive in the banking and finance industries to help with the expansion plans.
Kevin Lee, who previously held high-ranking positions at reputable companies like Visa, Mastercard, and FIS, will now be overseeing Ripple’s Southeast Asia operations. Lee will be tasked with conducting activities that boost Ripple’s customer base in the region by making use of his almost twenty years of experience.
Ripple has already forged collaborations with other financial institutions in the region, for instance, Siam Bank in Thailand. Ideally, DeeMoney is the first non-banking institution in Thailand to leverage RippleNet. It is safe to say that more such partnerships can be expected in the future.