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Thai financial technology company DeeMoney has deepened integration with web-based financial services RippleNet block chain, to further consolidate Ripple business in Asia.
As Thailand's first login RippleNet non-bank institutions, DeeMoney block chain network has been used along the Gulf region and the Middle East, South Korea, Indonesia, Singapore and Israel remittance corridor handle inbound transfers.
March 18, Ripple and DeeMoney announced the second phase of their partnership to expand the scope of services to support outbound remittances from Thailand to the destination country.
The main remittance market
Thailand is expected remittances will exceed $ 1 billion mark in 2020, from 2018's $ 623 million and $ 850 million in 2019 continued to maintain a sustained upward trend.
According to Rui Puer he said that currently there are an estimated one million citizens of Thailand will repatriate remittances, provide competitive cross-border payments has prompted banks and non-banks to establish a low-cost and faster international transfer channels for workers.
Unlike the banking institutions, such as non-bank institutions in Thailand DeeMoney face more stringent regulatory requirements, including specific licensing rules and daily transfer limit than the traditional non-bank institutions.
Last year, DeeMoney Thailand became the first and only company to obtain special permission from the central bank, non-bank providers, fair competition is still very far away from where a step. The new license will enable it to expand cross-border remittance, exchange and electronic payment services.
Aswin Phlaphongphanich DeeMoney chief executive, said the common goal of both companies is to conduct cross-border transactions by those who can not get traditional services more accessible and improve efficiency, so that the financial democratization in Thailand.
In traditional banking, innovation carried out by the block chain network has been increasing, Thailand's oldest bank Siam Commercial Bank (Siam Commercial Bank) last year withdrew a tweet, saying it would start using the Ripple of XRP token. Then in January this year, it announced a partnership with Ripple, create mobile applications for cross-border payments.
Ripples expansion
In February this year, Cointelegraph through the establishment of three new partnership with South Korea remittance and money transfer companies, reported consolidated Ripple in Asia. The company previously worked with the world's second-largest money transfer company MoneyGram (MoneyGram) reached a landmark deal to facilitate its global expansion.
Also in February, Ripple with the London-based remittance service providers Azimo cooperation, using Ripple local tokens XRP as a transitional currency, the establishment of a liquidity-demand corridor to the Philippines. Compared with the traditional banking channels, the solution is expected to reduce the cost of liquidity as much as 60%.
