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Further Cross-Border Payments on the way in Thailand with new Ripple Partnership

 
Further Cross-Border Payments on the way in Thailand with new Ripple Partnership
Breaking News / Ripple
  • One financial technology company based in Thailand, DeeMoney has just become the countries first non-banking company to leverage the blockchain technology of RippleNet.
  • This is in order to facilitate instant money transfers to 300 financial institutions on a global scale.

One financial technology company based in Thailand, DeeMoney has just become the countries first non-banking company to leverage the blockchain technology of RippleNet. This is in order to facilitate instant money transfers to 300 financial institutions on a global scale.

According to a press release published by the firm, the platform that is utilising RippleNet is now going to be able to process inbound payments into Thailand between several prominent remittance corridors from Singapore, Israel, and the Middle East.

The CEO of the company, Aswin Phlaphongphanich said the following on the leveraging of RippleNet.

“Ripple is currently at the forefront of technology and compliance regulations[…]This brings in finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.”

One of the executives at Ripple, Marcus Treacher has also commented on the development as he welcomed the company with open arms. He’s made the claim that digital banking is about to take off in Thailand as he said the following:

“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.”

This partnership will see cross-border payments deal with huge amounts of transactions to do business on a more convenient level.

It will be interesting to see how this situation plays out. For more news on this, the XRP Price and other crypto updates, keep it with CryptoDaily!

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