The digital banking revolution has already started in Thailand

Ripple has announced a partnership with Thai firm DeeMoney, which will bring about one million new users to the blockchain.

The fintech startup DeeMoney is already specialized in remittances and, by using RippleNet, transactions can be processed faster. According to the official announcement, Ripple’s global financial payments network offers “the lowest fees and the best rates”.

“Through our partnership with DeeMoney, over one million Thais working worldwide can now send money back home at the lowest rates and the best rates,”

announced Ripple on Twitter.

DeeMoney is the first non-bank entity in Thailand that used RippleNet’s blockchain technology for transfers. The remittance company processes payments coming to Thailand, mainly from South Korea, Singapore and the Middle East.

Currently, it is estimated that there are approximately one million Thais working abroad and transferring money back home.

The digital banking revolution

The company also plans to use RippleNet for outbound transfers from Thailand. This will be the second stage of the partnership with Ripple.

Aswin Phlaphongphanich, CEO of DeeMoney commented:

“We are excited to collaborate with Ripple. Because, together, we aim to democratize Thailand’s finances, bringing a new level of efficiency and accessibility to cross-border transactions. ”

In turn, Marcus Treacher, vice president of Ripple, said:

“The digital banking revolution has already started in Thailand, and DeeMoney is a key player in this regard. Being the first non-bank institution in Thailand to use RippleNet, it reopens its borders and employment rules by providing efficient international transfers at low rates and competitive rates. ”

Ripple CEO Brad Garlinghouse pointed out Twitter the challenges facing the world because of the COVID-19 pandemic. He said the entire Ripple team is now working from home, but gave assurances that the company will continue to serve its customers:

“Now, more than ever, we need to make sure that people can continue to send money home to their loved ones, because this is the time when they are most in need.”