On March 18, 2020, DeeMoney – a fintech company based in Thailand that specializes in digital cross-border money transfers – announced its partnership with Ripple, the blockchain startup in the U.S, to power faster and cost-efficient cross-border money transfer.
According to the report, through Ripple’s partnership with DeeMoney using RippleNet, over 1 million Thais working globally can now transfer money back home at the lowest fees and best rates.
The report also stated that DeeMoney is the first non-bank institution in Thailand to use RippleNet. The Thailand-based fintech company presently uses RippleNet to process inbound payments into the country.
Aswin Phlaphongphanich, CEO of DeeMoney, was excited about the integration of blockchain into their remittances network. He stated:
“Ripple is currently at the forefront of technology and compliance regulations. Its technology provides a single, automated system…making it simple for our tech teams to integrate into our process.”
He added that in the second phase of the partnership to be unveiled soon, DeeMoney would integrate RippleNet for outbound transfers from Thailand.
Ripple Capturing the Cross-Border Payments Market
Ripple has on-boarded over 300 banks and financial institutions to its blockchain solution’s canopy.
The California-headquartered company is aggressively penetrating the Asian market, tapping the prominent global remittance corridors.
Earlier, Ripple also made partnerships with Thai Siam Commercial Bank (SCB) for the development of a mobile application facilitating instant cross-border payments.
Over the past few months, Ripple has seen tremendous growth in terms of partnerships with financial service providers. The company intends to use its technology to facilitate secure, instant, and low-cost cross-border payment around the globe with no chargebacks.
Interestingly, 38% of the top 100 banks with the largest assets in the world, according to a 2019 Global Market Intelligence report compiled by XRParcade, have been linked to Ripple.
More recently, Catherine Coley, CEO of Binance US, who once worked with Ripple as head of institutional liquidity, admitted that XRP is a faster version of Bitcoin.
XRP Price Shows No Reaction To DeeMoney Partnership
Despite the rising number of conglomerates between various financial institutions and Ripple, the native XRP crypto continues to suffer in terms of market value.
Despite recording a slight plus of 2.18% to $0.1489 within the last 24 hours, a look at the 30-day chart shows a drop in the value of 48.95%.