Thailand-based fintech firm DeeMoney has partnered with Ripple, an enterprise blockchain solution for global payments, to power cheaper cross-border money transfers.

DeeMoney’s platform is now processing live transactions through Ripple’s global financial payments network.

Dubbed RippleNet, the payments network comprises of more than 300 financial institutions globally.

DeeMoney is the first non-bank company in Thailand to sign on to RippleNet.

Ripple customer success SVP Marcus Treacher said: “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.”

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RippleNet will enable DeeMoney to process international money transfers at low fees and interest rates.

The fintech firm is currently processing inbound payments into Thailand from countries like South Korea, Israel, Indonesia, Singapore, and the Middle East and Gulf regions.

Later, it will facilitate outbound transfers from Thailand for the second phase of implementation.

DeeMoney CEO Aswin Phlaphongphanich 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.

It is estimated that there are nearly a million Thailand civilians working globally, who are transferring money back home.

DeeMoney delivers same-day settlement into all Thai bank accounts.