Ripple strengthens presence in Asia with fintech DeeMoney
Blockchain solutions leader Ripple continues to strengthen its expansion into the Asia market through a partnership with Thai fintech DeeMoney.
Ripple, a global leader in enterprise blockchain solutions for cross-border digital payments, is continuing its global expansion strategy through its partnership with Thai fintech, DeeMoney. This decision was publicised at the end of last week as it shared that the companies would enter the second phase of their partnership.
DeeMoney is the first non-bank institution in Thailand to sign onto the technology company. It is already processing a number of inbound transfers via the blockchain network between prominent exchanges and remittances corridors from South Korea, Indonesia, Singapore, and Israel as well as the Middle East and Gulf regions.
Aswin Phlaphongphanich, CEO of DeeMoney said: “Ripple is currently at the forefront of technology and compliance regulations. Its technology provides a single, automated system that speaks the same way to all its 300 partners worldwide, making it simple for our tech teams to integrate into our process. This helps to reduce manual work and intervention, which in turn reduces costs, of which the savings are passed to our customers.”
“We are excited to partner with Ripple as, together, we aim to democratise finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation,” he added.
DeeMoney offers its users same-day settlement into all Thai bank accounts, positioning itself as a strategic pay-out partner for international remittance companies. The partnership with RippleNet will further streamline the transfer process for a cheaper rate. As a part of the second phase of this partnership, DeeMoney will leverage RippleNet to facilitate outbound transfers from Thailand in order to determine the best partners in destination countries for global payments.
“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. 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,” said Marcus Treacher, SVP of Customer Success at Ripple.
Previous strategic moves
As a part of its strategic expansion, Ripple partnered with Azimo to deliver faster and cheaper payments in the Philippines. The key way in which this will be done is via Ripple’s On-Demand Liquidity solution (ODL), which will be processed through Azimo’s platform. Azimo’s money transfer platform has over a million customers who are able to send money to over 200 countries worldwide.
It has also made considerable tracks in South Korea through the addition of Sentbe, Hanpass and WireBarley to RippleNet. Sentbe is a leading remittance company targeted at South and Northeast Asia, including the Philippines, Indonesia, Vietnam, Japan and China. The partnership will allow banks and other payment networks to send payments worldwide, while also enabling Sentbe to settle remittances in seconds.
“Asia-Pacific has always been a key region for Ripple as we continue to bring on new financial institutions and partners onto RippleNet. Almost half of our customers are based in APAC and momentum continues to build in this region,” say Eric van Miltenberg, SVP of Global Operations and Business Development at Ripple. “In November, we announced that Ripple has over 300 customers on RippleNet across all markets and has experienced 10x year-over-year growth in transactions.”
These are but just three of the many expansion plans that Ripple plans to carry out over 2020. Check out Ripple's website for more information.
Did you know? At the start of this year, Marcus Treacher, SVP of Customer Success at Ripple, shared with FinTech his predictions for the finance industry this year.
For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.
The FinTech Show: Bitcoin, crypto mining, and payments
In episode six of the FinTech Show (originally broadcast live on 11 June at 2pm BST), Scott Birch and Will Girling discuss:
- El Salvador becoming the first country to make Bitcoin legal tender
- China's decision to clamp down on crypto mining operations
- The new developments in post-COVID payments, including the EU's decision to give every citizen a digital wallet
We also explore the newly released June '21 edition of FinTech Magazine, including a special look at our profile piece on HOOPP and the future of small business lending (guided by iwoca). Special thanks go to Valeria Simantob for providing the front cover of that issue.
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