The blockchain news today show that the decentralized finance startup Ripple has recently inked a deal with DeeMoney to create more global remittance corridors across the Asia Pacific region. As Ripple expands in Asia, it only continues the partnerships that it has been working on before.
As you may know if you were reading our news before, Ripple has announced a partnership with Thai financial service provider DeeMoney. The deal is geared towards bolstering Ripple’s presence across Asia.
According to a press release that was published on Wednesday (March 18, 2020), the blockchain based remittance powerhouse Ripple has inked a partnership deal with DeeMoney. The Thailand-based financial technology agency is the first non-banking institution in the country that will utilize the Ripple blockchain network.
As Ripple expands in Asia, the fintech company (DeeMoney) will use the enterprise blockchain which powers XRP to optimize its current remittance system as details of the deal show. Commenting on the partnership agreement was the CEO of DeeMoney, Aswin Phlaphong-phanich who 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. We are excited to partner with Ripple as, together, we aim to democratize finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.”
The CEO also remarked that as Ripple expands in Asia, its blockchain solution will bolster the firm’s efforts to reduce the rate of manual interference in the money transfer process. He also believes that this will help DeeMoney to significantly cut the cost of operations and provide a more efficient service for its customers.
According to the press release, the Thailand-based fintech company will utilize Ripple’s blockchain remittance solution in two phases. The first one will comprise of DeeMoney using RippleNet to process incoming remittance transfers into the country.
Meanwhile, the Ripple XRP price is making waves in the altcoin news. At press time, XRP is up by a couple of percentage points to a price of $0.1800 which is the high coming from the $0.1500 low a week before this.
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