Ripple is continuing their eastward expansion as it built upon its partnership with Thailand based fintech DeeMoney.
After already utilizing Ripple’s blockchain services for its inbound transfers, Deemoney has announced on March 18th that the partnership will be expanded to also cover outbound remittances for selected destinations.
With a Thai population spread across the globe, the remittance market is big business in Thailand with its value set to break the $1 billion mark in 2020.
Deemoney has links for remittances in the Middle East and Gulf Regions, South Korea, Indonesia, Singapore and Israel. This number is set to grow even further as they have also gained central bank approval for its services. The new permits will allow an even greater expansion for the company.
Ripple’s Asian Growth
As for Ripple, this latest Asian partnership shows a strategy of cooperation and interest in the region. In January, Thailand’s oldest bank, the Siam Commercial Bank announced it was working with Ripple to create a mobile application for cross-border payments.
Last month Ripple partnered with some South Korean remittance and money transfer companies. The three companies, Hanpass, Sentbe and WireBarley all had a wide scope across Asia and Oceania, with the assumption being that they had come on board the RippleNet blockchain.
Ripple has also worked to build an on-demand liquidity corridor to the Philippines with UK remittance service Azimo. The link will use Ripple’s native XRP token and is said to reduce liquidity prices by 60% when compared to traditional banking methods.
Ripple tapping into remittances market
The remittance sector is ever-growing in this more globalised world and with the large fees that more traditional institutions like Western Union offer, many customers are looking for alternatives.
Ripple has long been the leading token and blockchain business for cross border remittances. This partnership with Deemoey is one of many in terms of the remittance market.
The US-based company has ties with Western Union, one of the biggest bank transfer companies. The most notable association is their mega-deal with Moneygram, the second biggest remittance company in the world.