Remittance outfit DeeMoney has become the first non-bank institution in Thailand to process live transactions over RippleNet.
DeeMoney is currently using RippleNet to process inbound payments into Thail bank accounts between the prominent remittance corridors from South Korea, Indonesia, Singapore, Israel as well as the Middle East and Gulf regions.
Currently, it is estimated that there are around a million Thais working globally who are transferring money back home.
For the second phase of implementation, DeeMoney will deploy RippleNet for outbound transfers from Thailand, reaching out to RippleNet partner banks in destination countries for payouts.
Marcus Treacher, SVP of customer success at Ripple, comments: “The digital banking revolution is taking Thailand by storm, and DeeMoney is a key player in this. 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."
Siam Commercial Bank, Thailand's largest commercial bank, first started testing a RippleNet-based cross-border remittance service in 2018.