Ripple Strengthens Its Presence In Asia With New Partnership

Ripple strengthens its presence in Asia after a new partnership with the Thai fintech DeeMoney company, which has enhanced the integration with blockchain-based financial services RippleNet as we are reading in the XRP price news.

The Thai company is the first nonbank bank institution in Thailand to join the RippleNet as DeeMoney already processes transfers using the blockchain network among remittances platforms in the Middle East and South Korea, Singapore, Israel, and Indonesia. Ripple announced the second phase of the partnership with DeeMoney to expand its services and to start processing outbound remittances from Thailand to the destination countries. This way, Ripple strengthens its presence in the region, and the value of payments in the country is predicted to surpass the $1 billion mark in 2020 with an increasing trend from $623 million in 2018 and $850 million in 2019.

There are now more than a million Thai users that are estimated to make remittances back home, according to Ripple. There is also a race to provide a cross-border payment system, which has made the banks and the other nonbanking companies fight over establishing lower costs and faster international transfer options for workers. Unlike banking institutions, nonbank institutions such as DeeMoney faced a lot of regulatory requirements and issues compared to traditional networks, including getting an exclusive license and obtaining daily transfer limits.

Last year as per the XRP news, DeeMoney made a step forward and became the first nonbanking provider in the country to have all the needed licenses from the central bank.
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The new grant will help the platform expand its cross-border money transfer and e-payment services. The CEO of the platform Aswin Phalaphoneghanich said that both of the companies share the aim of democratizing financing in the country by making cross-border transactions efficient, accessible, and cheaper.

As per the recent reports, the Ripple price news showed that three new partnerships enhance the consolidation phase in Asia with South Korean money transfer companies. Ripple even made another milestone with MoneyGram, which is the second-largest remittance company in the world to increase global expansion.  Ripple also partnered with Azimo, the London-based remittance service, to help the liquidity sector in the Philippines using XRP.